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    #1

    Odds of getting a loan with decent rate?

    We will be 3 years post discharge 11/08 from Ch. 7. We have 40K to put toward down and closing costs for a new home. We are wanting to buy a house that we really like that is 200K. Income is 70K, scores pulled today were 747 & 752. A few hundred on cc's, no negatives on credit report since BK, student loans paid on time and total $470/mo, no car loans.

    We are wanting to apply for FHA (I'm thinking Wells Fargo). What are the odds of us getting approved and getting a decent rate? We have never owned a home before either btw.

    Any opinions are appreciated!
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    #2
    Yuo will not have any problem getting approved and don't go FHA it is too costly a loan. You have to pay FHA 1.5% fee plus the PMI is next to impossible to get rid and that is .5% monthly. I work for a bank and am working on a loan where the person didn't score as high as you the BK is newer and he is putting 15% down the rate was 6.375% fixed for 30 years. Use your hard earned money as a true down payment don't pay FH those stupid fees. PM me if Wells pushes you around

    Comment

      #3
      You will have to pay five years of PMI with a FHA loan no matter what you put down due to your BK. You may find due to your BK that conventional rates may be higher than FHA rates. Each comes with their own fees so "shop around." While you have great scores, unfortunately the BK still can hurt you.
      _________________________________________
      Filed 5 Year Chapter 13: April 2002
      Early Buy-Out: April 2006
      Discharge: August 2006
      "A credit card is a snake in your pocket"

      Comment

        #4
        Everyone uses AUS (Automated Underwriting System) and it favors your FICO way more than a BK 4 years old, assuming you have not been late after. I write mtgs Fannie could care less about your bk 4 years ago, Freddie might not like it. Fannie is more flexible, escpecially with a 20% downpayment. Always start local go to your community bank before some broker or large corp like Wells, Countrywide etc. COnventional rates are better than FHA rates & conventional lona are cheapper than FHA for closing costs.

        Comment

          #5
          Was pre-approved today and got confirm to go ahead and make offer. Made offer on house and it was accepted today. The purchase agreement is being faxed to the lender tomorrow. Hopefully everything will pass inspection and go off without any issues. We are scheduled to close Aug 8th.

          Comment

            #6
            Awesome!

            Good for you!
            Best of luck with your new home!

            Comment

              #7
              Good Luck!

              Let us know how it goes! I hope to be in your situation in a few years!!!
              Filed 5/22/08 341 Meeting 6/19/08 (No Asset) Last Day for Objections 8/19/08 Discharged 8/22/08 Case Closed 8/25/08
              Credit Score 4/28/08--660 6/10/08--528 Credit Score 8/30/08--625

              Comment

                #8
                Originally posted by gcibluebird View Post
                Was pre-approved today and got confirm to go ahead and make offer. Made offer on house and it was accepted today. The purchase agreement is being faxed to the lender tomorrow. Hopefully everything will pass inspection and go off without any issues. We are scheduled to close Aug 8th.
                What rate did you get and did you get a conventional or FHA pre-approval?
                _________________________________________
                Filed 5 Year Chapter 13: April 2002
                Early Buy-Out: April 2006
                Discharge: August 2006
                "A credit card is a snake in your pocket"

                Comment

                  #9
                  Awesome

                  Details please. How much down ?, Credit scores ? etc.

                  Comment

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