Refinancing info and purchasing too!

[tinroofrusted]

Hey all, I just started working for a mortgage company, and, am in their bankruptcy specialist department!

After being there for two months, I have learned a lot.

First of all, if you have a score about 500, most creditors can and will work with you.

If you want to purchase, and your score isn't above about 620, expect to put something down. Don't walk into a mortgage department and ask to put 0.00 down on a $150,000 home.... it isn't going to happen.

Secondly, for refinancing, good job history is a plus. If your score is about 500 you can probably refinance. There are always places that will be able to get you a loan. I know that my company works with 10 different lenders, and each one of them have about 1000 different programs that they use. It's great.

So if you think you want to refinance, or whatever, go for it. Look into your options.

Some places, mine included, also have programs for one day after discharge refi and purchasing!

[HHM]

Thanks for the info and update.

[Minnymouth]

CONGRADULATIONS ON THE NEW JOB -TINROOFRUSTED.............

Your working there with available info for BK filers may proof to be very helpful for others.

Hope is goes well for you.......

KEEP US POSTED,

MINNY

[sobroke]

TinRoofRusted-- Are you able to tell what your company's name is and possibly a phone number? I am in the market for purchasing a house and would like some quotes and info. Thanks. If you cannot post, just send me a PM???

[MTG_BANKER_OH]

Mortgage After Bankruptcy

Hey all, I just started working for a mortgage company, and, am in their bankruptcy specialist department!

After being there for two months, I have learned a lot.

First of all, if you have a score about 500, most creditors can and will work with you.

If you want to purchase, and your score isn't above about 620, expect to put something down. Don't walk into a mortgage department and ask to put 0.00 down on a $150,000 home.... it isn't going to happen.

Secondly, for refinancing, good job history is a plus. If your score is about 500 you can probably refinance. There are always places that will be able to get you a loan. I know that my company works with 10 different lenders, and each one of them have about 1000 different programs that they use. It's great.

So if you think you want to refinance, or whatever, go for it. Look into your options.

Some places, mine included, also have programs for one day after discharge refi and purchasing!

I have been working with people just getting out af a BK for 3 years now and you can get a loan 1 day out of Chapter 7 discharge with a 580 score. You can also get a FHA loan while in Chapter 13 as long as you have a 12 month pay history which has very favorable terms. The most important thing to repair your credit after BK is to reestablish credit right away, that is the only way to get your self back on track and get your credit scores to where they need to be for Home, Auto, etc... purchase.

Do not be discouraged by what is said above, if you work with a good broker who has the clients best interest in mind, you can purchase a house for less then $500 total. I have helped several people accomplish the goal of home ownership for less ten $500 at closing. If anyone has any questions about loans after BK please feel free to email me or PM me.

Nick Kusan
Professional Mortgage Consultant
[email protected]
Lic.#15112 MB.#3860
Direct Phone (614) 410-9112
Direct Fax (614) 410-9108
Toll Free (888) 332-5301 Ext. 112
150 E. Wilson Bridge Road, Ste. 350
Worthington, OH 43085
Visit us at www.prioritymortgage.com

"Top 25 Greater Columbus Home Mortgage Lenders," as Published by Business First