What rate did you get out of bankruptcy?

[onlycashnow]

My wife and I had our chapter 7 discharged April of 09, it took 6 months to discharge, so we are starting to look into whether or not we will be able to buy our first home at this time. What kind of rates are people getting out of bankruptcy? When can we start talking to mortgage brokers, I don't want to waste anyone's time by looking too soon? Thanks in advance!

[carlsbadmike]

Onlycashnow,

The things that I've read say that you usually can't get a mortgage for 2 yrs after your bankruptcy discharge.

Mike

[onlycashnow]

Onlycashnow,

The things that I've read say that you usually can't get a mortgage for 2 yrs after your bankruptcy discharge.

Mike

Right, April will be 2 years. I was curious as to what rate people are getting after bankruptcy to see it we could afford buying a house or should we look into renting for a few more years.

[GettingGoing]

You can look into FHA,USDA and VA loans. You should pretty much qualify for prime rates if you are going through these programs.

[Ugh07]

its going to depend on what you have done to rebuild your credit and what your current credit score is. There are a lot of variables.

[no_it_all]

Your absolute best bet would be to try and qualify for a "First time home buyers" mortgage if your state offers one. I received a 204K mortgage @ 5.25 percent with no points and no downpayment (and no PMI !) one year ago. I was about 3 years out of my Chapter 7. Yes, I received the 8K first time homebuyers fed tax credit to boot :-)

[HHM]

Unless your credit is still trashed, you should be okay on rates. You WON'T get the best rates, but the rate should still be reasonable. Mortgage rates are creeping back up, so anywhere from 5.5-6.5% is probably where you will come in at.

If your credit is still trashed, that just means you need to do some clean up. You should pull your credit report NOW and a score (myfico.com) and see where you stand. If the score is below 680, you need to take a careful look at your credit report and see how the accounts, post BK, are being reported. Also, if you haven't re-established credit usage, you need to do that. Get a credit card, charge $50 each month, and pay it off each month.

[AJA]

I just compleated an fha refi 13 months from discharge. Exceptions were made due to injury having caused my ch7, to much debt didn't help either, but I was current when I filed and had never missed a mortgage payment. Closed on Dec. 21st at 4.75% fixed rate 30 yr.

[ABC]

There is no rate adjustor for BK , only fico score.