caliber fresh start Program

[Xpflorida]

Hello
does anybody have experience with caliber fresh start , for Bk 7 before 2 years for fha or 4 years for convention loan

my lawyer told me with %10 down payment you can skip and get the loan

any advice or any other lender offer same program but prefer not with %20 down payment
thank your

[justbroke]

I have no experience with them from a portfolio (non-conforming) lender sense. I think Caliber is 85% LTV (with a good middle score > 660) which means a 15% down payment. (They go to lower scores with higher LTV, just like the other non-conforming lenders.). If you can wait it out the 2 years for FHA, that may be better.

I wouldn't hounded by People's Bank during the last year of my Chapter 13. They also do similar portfolio loans.

[Xpflorida]

I have no experience with them from a portfolio (non-conforming) lender sense. I think Caliber is 85% LTV (with a good middle score > 660) which means a 15% down payment. (They go to lower scores with higher LTV, just like the other non-conforming lenders.). If you can wait it out the 2 years for FHA, that may be better.

I wouldn't hounded by People's Bank during the last year of my Chapter 13. They also do similar portfolio loans.

Thank you , the problem I try plan to do than due rental is going up and up and hard to find 4 bedroom to rent ,

do you know the people bank rate is over average a little bit of to much high
thank you in advance

[justbroke]

Portfolio lenders are going to have higher rates because they have trouble selling them on the secondary market. That's why they're called portfolio lenders, because they keep the loans in their portfolio. I'd only use a portfolio lender to secure a property that I know, 100%, that I will refinance in the future to a Fannie Mae, Freddie Mac, FHA loan (the so-called GSE lenders).

Your credit score will matter with these lenders so being over 660 (middle FICO 5/2/4) will be necessary to get higher LTVs and possibly lower interest rates. These lenders are taking a chance, so that's why they require lower LTVs and even cash reserves in many cases.

[May2014]

I know this is an older thread...

Just because Caliber has portfolio loans doesn’t mean you’re doomed to having one. 3 months after we were discharged from a chapter 13, we received an FHA loan with Caliber. We put 10% down because we sold our house the month before, but it wasn’t required.