BKinFL
10-06-2006, 10:05 PM
I'm only a year out of BK. I took that time to re-build some credit and save for a down payment. I accumulated an Orchard Bank card, Capital One Platinum, and Hooters MC. I managed to save up 20,000 for a down payment. A good friend put me in contact with his mortgage broker. I was a little concerned about using a broker because I've heard many bad things about how they try to bleed people dry. The one I dealt with was very nice and informed. She managed to get me into a loan with a rate of only 6.5% on a 30 year fixed. I purchased a $150000 home, but my actual loan amount was $130000 due to my down payment. I really didn't expect to get such a good rate, and before I signed a contract with her I shopped around out of curiosity. Other brokers I contacted were telling me I could only get a rate of between 7.5% and 9%! I don't get that, but hey, I'm not complaining.
All in all, it was a great experience. There is hope for owning a home after BK! I live in Florida, so if anybody wants my broker's name, PM me. I honestly don't know if she can do loans in other states...sorry. But I do know she can do loans anywhere in Florida, as she did a loan for a friend of mine in another city.
In case anyone is wondering, my lender is Argent Mortgage. Has anyone dealt with them? Are they decent as far as customer service, etc?
FilingOnMyOwn
10-07-2006, 09:16 AM
Congrats! Another success story.
AfterBkMortgage
10-09-2006, 09:46 AM
Rates are actually down for the last month or so. And with that type of down payment, it is very possible to get that type of rate. Argent is the wholesale division of Ameriquest, so just make sure you are comfortable with the pre-pay penalty. Ask your loan officer what that is.
Other than that, that is really cool!
MTG_BANKER_OH
10-09-2006, 11:46 AM
I'm only a year out of BK. I took that time to re-build some credit and save for a down payment. I accumulated an Orchard Bank card, Capital One Platinum, and Hooters MC. I managed to save up 20,000 for a down payment. A good friend put me in contact with his mortgage broker. I was a little concerned about using a broker because I've heard many bad things about how they try to bleed people dry. The one I dealt with was very nice and informed. She managed to get me into a loan with a rate of only 6.5% on a 30 year fixed. I purchased a $150000 home, but my actual loan amount was $130000 due to my down payment. I really didn't expect to get such a good rate, and before I signed a contract with her I shopped around out of curiosity. Other brokers I contacted were telling me I could only get a rate of between 7.5% and 9%! I don't get that, but hey, I'm not complaining.
All in all, it was a great experience. There is hope for owning a home after BK! I live in Florida, so if anybody wants my broker's name, PM me. I honestly don't know if she can do loans in other states...sorry. But I do know she can do loans anywhere in Florida, as she did a loan for a friend of mine in another city.
In case anyone is wondering, my lender is Argent Mortgage. Has anyone dealt with them? Are they decent as far as customer service, etc?
You had already closed then? That is a pretty good deal, how were your scores? I was looking at argent's website and they said 24 months bk seasoning. Congrats on your closing.
BKinFL
10-09-2006, 06:39 PM
I have pretty good scores...
TU: 703
EQ: 685
EX: 725
Do you suppose this is why I got such a good rate? Maybe if my scores were not so good I wouldn't have gotten a decent rate....I'm not sure. I will have to call my broker tomorrow and ask.
tradewiz50
10-09-2006, 08:56 PM
I have pretty good scores...
TU: 703
EQ: 685
EX: 725
Do you suppose this is why I got such a good rate? Maybe if my scores were not so good I wouldn't have gotten a decent rate....I'm not sure. I will have to call my broker tomorrow and ask.
Your a brokers dream. Mid FICO of 703 and your 1 year post BK? Nice work. :clapping: :clapping: :clapping:
MTG_BANKER_OH
10-10-2006, 06:50 AM
I have pretty good scores...
TU: 703
EQ: 685
EX: 725
Do you suppose this is why I got such a good rate? Maybe if my scores were not so good I wouldn't have gotten a decent rate....I'm not sure. I will have to call my broker tomorrow and ask.
Your scores are very good, many people without a BK never reach those scores. I am just curious how they got your loan through with 1 year past BK, I was looking at their guidelines and it says 2 years BK seasoning. They must have gotten exception, because of your scores. Good job
