It's True ! You Can Get A Mortgage After Bk !

[fsugirl]

I am so proud to announce that we are closing on our new home June 7th with a 200k mortgage with 100% financing...It really does work ! Of course the interest rate is not "perfect" but I am able to live with it until we are able to refinance in 2 years..It can really be done people...

We were d/c from Bk January of this year and our credit scores are :

TU-580
EQUIFAX-595
EXPERIAN-610

Just wanted to share the wonderful news !!

[NASCAR20FAN]

I am so proud to announce that we are closing on our new home June 7th with a 200k mortgage with 100% financing...It really does work ! Of course the interest rate is not "perfect" but I am able to live with it until we are able to refinance in 2 years..It can really be done people...

We were d/c from Bk January of this year and our credit scores are :

TU-580
EQUIFAX-595
EXPERIAN-610

Just wanted to share the wonderful news !!

That is awsome! It gives me hope, So 580 seem to be the magic munber...

[fsugirl]

Yep 580 is the magic number..I never believed me would be able to get a house this soon after BK. Plus the sellers are paying all of our closing so we are not having to go to the closing table with any money out of pocket at all !

[invest1choice]

Great Congratuations

We are in need of refinancing on our 2 year arm before November and have been trying to clean up credit every month on top of it....if you don't mind ,
What company did you go through? Thanks and again Congrats....

[fsugirl]

We went through Countrywide Full Spectrum Lending.. I know a lot of people have said HORRIBLE things about them on this site, but it has been a very pleaseant experience as of yet..Time will tell, but the local people here where I live have been WONDERFUL ! They had everything sent to the underwriter and a final approval in about 48 hours, and they said we can close in 2 weeks..Not a bad deal at all..Like I said the interest is not WONDERFUL, but at least it's not bad enought to where we won't be able to make the payments comfortably...After 2 years we are planning to refinance anyways.

All the hassel of disputing items on our credit reports have paid off in a positive way

[CoachK]

Rate?

Can you give us an idea of the rate that you got?

[fsugirl]

Well here goes.

The 80% was 8.275 and the 20% was 11.275....Not the best but it's a 2 year plan, and then we are going to refinance.

[CoachK]

Rate?

I am looking at a $200K house and I will have at least $20K to put down after I sell my house. I am only 2-3 months out of a Ch. 7 and my scores are in the 600 range. Any idea what kind of options I will have?

[fsugirl]

Well we were trying to get a mortgage 1 month after BK and the only option they gave us was 20% down..I think you will be just fine...And at that time our credit scores were in the mid 500's

If you have 20% to put down it seems like it would be an easy mortgage to do

GOOD FOR YOU !

[invest1choice]

I have been looking for a refinance my scores are
533 , 557, 622
I was talking to this company today and he was really nice..He was more interested in getting my credit report to show correctly BK accts .. Not like the first guy, I was talking to who could not even tell me how many points he was charging ... gave me a wide range % points charging depending on how my house appraises which don't make sense to me.. and interest of 8%.... 30year fixed approx....

But this second Company seems to want to help us with our credit as well and he was not pushy at all.. he even looked up the comps in my area.. before pulling credit... He said he did not need my job info yet just hopeing to clear the BK reporting first...Then go from there... I am impressed with him .. He says he will call back tommorrow to let me know what exactly he can do and he did say no points on the back end and 2 points upfront which is not bad .. it is the back end points you wanna watch out for that hurts you that they charge ...from what I understand it is much better to charge you points upfront...

[MTG_BANKER_OH]

I have been looking for a refinance my scores are
533 , 557, 622
I was talking to this company today and he was really nice..He was more interested in getting my credit report to show correctly BK accts .. Not like the first guy, I was talking to who could not even tell me how many points he was charging ... gave me a wide range % points charging depending on how my house appraises which don't make sense to me.. and interest of 8%.... 30year fixed approx....

But this second Company seems to want to help us with our credit as well and he was not pushy at all.. he even looked up the comps in my area.. before pulling credit... He said he did not need my job info yet just hopeing to clear the BK reporting first...Then go from there... I am impressed with him .. He says he will call back tommorrow to let me know what exactly he can do and he did say no points on the back end and 2 points upfront which is not bad .. it is the back end points you wanna watch out for that hurts you that they charge ...from what I understand it is much better to charge you points upfront...

Do you know what your house will appraise for? The difference between back end points and front points, front end points is what the broker is charging you to do the loan, back end points is what the lender will pay for that particular interest rate. So you can take a higher interest rate and have less upfront points or vice versa. It is not always better to pay upfront, it is dependent on your situation and whether it is better to take a higher payment for less in closing costs. It all depends on who you work with. You should post you good faith estimate here and I can let you know if it is in line. Check if he is offering you a 30 year fixed loan or a 2 year fixed loan with a 30 year ammortization, there is a difference and many brokers will try and hide it until the end. Have you gotten a copy of the truth in lending showing the payment schedule?

[Minnymouth]

THANKS NICK,

For trying to help protect those of us coming out of BK trying to buy another home......

Many do not know the "pitfalls" or "hidden fees", etc of the buying process......

Thank you so much for your input.........

[invest1choice]

We are trying to keep our payments close to the same 850.00.. He was talking about doing a 40 year ammorization over 30 years ... and only 2 points on the front nothing on the back is that good ? ... My home will hopefully appraise around 130,000 to 135,000 highest... He looked up the comps in this area we owe around 120,300 with property taxes that are past due... We will definitely be putting those taxes in this time because it is hard to come up with that in one large sum .. this year we got behind due to house plumbing problems that we fixed .. We are hoping to get out 3000.00 for a fence ...
THANKS SO MUCH FOR YOUR HELP AND SUGGESTIONS...

[nessa30]

Mortgage after Bankruptcy.....Great!!

Reading all of you guys experience with bk has really brighten my future on getting a house even more. me and my husband will be going down that road in about 3 years and i just feel so damn good that i filed chapter 7 because there was no way all that debt on my credit report was going to get get paid. Bankruptcy is great if you know all about it and make it work for you. I wish all of you good luck and let's not get no more debt in the future!!!
Yes!

[CoachK]

Found a lender...finally

I was finally able to find a broker in the Pittsburgh area to work with. We are looking at a 2/28 fixed @ 8.25%. This is a little better than the 8.5% that Countrywide quoted. We are purchasing a $220,000 home with 15% down just two months post Ch.7. Considering my 560 mid-score, this isn't all bad.


CoachK