po man
03-09-2009, 09:10 AM
Hey everyone just wanted to let you know homes can be purchased less than two years out of BK. I am so excited I am waiting for a water report so the closing date can be set. A little insight..I filed ch 13 12/06 and was discharged about 8/07 (paid my way out). Anyway I worked hard on my credit...first premier, etc.
The Builder filed BK, one of the new houses was held by his trustee we liked. I noticed the sighn in the yard said home qualifies for 100% well I called and lady ran my credit (transunion was saying scores were low to mid 600's) well the lady said my beacon scores were around 700 and one was over 700. I was like what a difference in the "beacon score". Anyway the lady qualified me and sent a letter to realtor, then the mortgage co said they need 7,000 in closing. I was like no way. So my realtor gave me another guys name and I called him. He got me into a Farmers home loan with no money down, 5.5% rate locked with one float down before closing, no PMI, 2,400 closing cost. Closing to roll back into the loan for 100% due to house value. He did have a letter of exception done because of my beacon scores being so high.
House was originaly 325,000 and the trustee was asking 259,900. I offered 244,000 and got it. I am so excited, all reports have been done, just waiting on water report for mortgage company.
I never would have thought it. So it shows the work paid off...guess its all in the scores.
The Builder filed BK, one of the new houses was held by his trustee we liked. I noticed the sighn in the yard said home qualifies for 100% well I called and lady ran my credit (transunion was saying scores were low to mid 600's) well the lady said my beacon scores were around 700 and one was over 700. I was like what a difference in the "beacon score". Anyway the lady qualified me and sent a letter to realtor, then the mortgage co said they need 7,000 in closing. I was like no way. So my realtor gave me another guys name and I called him. He got me into a Farmers home loan with no money down, 5.5% rate locked with one float down before closing, no PMI, 2,400 closing cost. Closing to roll back into the loan for 100% due to house value. He did have a letter of exception done because of my beacon scores being so high.
House was originaly 325,000 and the trustee was asking 259,900. I offered 244,000 and got it. I am so excited, all reports have been done, just waiting on water report for mortgage company.
I never would have thought it. So it shows the work paid off...guess its all in the scores.