Almost summer, has anything changed?

[ehart]

Given the economic meltdown we are trying to recover from, it seems like the mortgage lending industry is in constant change. Every so often, I like to review my situation and this forum seems to be the perfect place.

What are the chances of finding a loan for the following;

() Chapter 7 BK discharged in 04/2008
() Looking for loan in the 300k-400k range
() I have up to 20-25% down
() 135K year documented income (same job for past 9 years)
() $400 month in CC and Car Loan payments
() Re-established credit with no late payments since BK

I have my eye on April of next year, since that will mark 2 years out of BK. However, if there is a way to get it done earlier, then I would be more then ready.

Thank you for your time,

Eric

[Flamingo]

The only real way you will find an answer to your question is to try to apply for a loan or consult a broker. You need to remember that there are some lenders that no matter how good you have worked since discharge to keep your credit at a good level, they just will not lend to folks with a BK on their record. You may have to deal with higher limits and PMI with a BK. It all depends on the lender and other factors.

[fltoo]

If you have 30% down, seek out a broker and see if they can find a lender that inhouses loans, not selling them to the secondary market.

You might have a higher rate with the BK. You won't be charged PMI with that much down.

Sometimes, through connections, you can find private lenders. Ask around, your accountant, lawyer, banker, etc.