no pmi loan reported to CAIVRS freddie manc

[mjbthomas]

a little help here im in to my bk chapter 7 by 20 months at the 2 year mark we want to purchase a home fha .....we have 20000.00 cash for down payment on 200000k loan we are so confused .....home was not reafirmed in bk all payments current and up todate my loan is with us bank it is a freddie mac loan conventional with no pmi because we put down 25% now is this oan a fed back guaranted loan and will it show up in the caivrs system also we checked we are still on deed with county and should we rent out home for our remainding 6 months for proof to lender for that we want to keep home and actually bail after we get our new home all help much appreciated thanks jason T

[dspii]

Sorry to disappoint, but that plan won't work. Regarding CAIVRS, no you should not show up, I don't think....... it was established to mark those who defaulted on student loans, FHA insured loans and the like. Freddie and Fanny should be OK. Now if you can rent your current home and apply for a mortgage at the two year mark, don't expect your your plan to work and remember that by knowing or planning to do this prior, could be considered breaking the law...buy and bail! Many people including myself had to get rid of their prior property before they would be considered for a new mortgage....unless of course your value to loan ratio on the existing home is really high, but in this market not likely. They want to be sure you have an equitable interest in your current home so that it does not make sense to walk away and will continue to be an asset.

[tobee43]

i just want to understand your position as bit more, if you don't mind.

you already own a home which is a freddie mac, you didn't reaffirm, and you are up to date on the payments? and now want to purchase another home and rent out the one you are presently living in while moving or trying to get another mortgage to purchase another house?

when you say "bail" you mean after you get another mortgage for house number 2, you want to walk from house 1?

here's what you would be faced with besides what dspii points out. the amount of the mortgage on house one will be figured into your debt to income ratio which will effect your ability to get another mortgage whether you have 20% or not. the banks really are not lending much nowadays, as most of us know.

the ONLY other option would be to find a lender that would consider your old house #1's rental income as income. however, most times the lenders what proof of at least 2 years of rental payments.

best of luck to you and look into land contacts and possible owner financed properties if you have a good downpayment, that way, no banks are involved.