Looking for a mortgage

I'm new here, but I've been reading a bit. My husband and I filed a Chapter 7 bankruptcy in May of 2004. We're looking for a new home and having trouble finding someone to give us a loan. I'm not sure why. In May we were working with someone at Nationpoint. She told us dh's credit score was like 530, a full 100 points under what we thought it was. I just got a credit score from Experian and it says it's 639. Anyways, we need some info on getting a mortgage. I saw NLMC mentioned several times, but didn't really find a website. Any infor anyone would like to share with me please?

I'm new here, but I've been reading a bit. My husband and I filed a Chapter 7 bankruptcy in May of 2004. We're looking for a new home and having trouble finding someone to give us a loan. I'm not sure why. In May we were working with someone at Nationpoint. She told us dh's credit score was like 530, a full 100 points under what we thought it was. I just got a credit score from Experian and it says it's 639. Anyways, we need some info on getting a mortgage. I saw NLMC mentioned several times, but didn't really find a website. Any infor anyone would like to share with me please?


Where did you pull your scores from? Myfico.com scores most closely match that the mortgage scores are. If your discharge is 2 years out you need to look towards an FHA loan as long as you do not have any lates since the BK and have reestablished some credit, FHA is not score driven it is credit driven. IF you are 2 years out you probably should not look at nation point as they are primarily subprime lenders.

Where did you pull your scores from? Myfico.com scores most closely match that the mortgage scores are. If your discharge is 2 years out you need to look towards an FHA loan as long as you do not have any lates since the BK and have reestablished some credit, FHA is not score driven it is credit driven. IF you are 2 years out you probably should not look at nation point as they are primarily subprime lenders.


We unfortunately have been late since the BK. I got the credit report from Experian.com.

We unfortunately have been late since the BK. I got the credit report from Experian.com.


You also want to look at a MYCommunity mortgage it is sa conforming product where you can get good rates 2 years out of BK you can get by with some lates on this program, a lender runs your information through an automated underwriting system and it tells them whether you are approved or not, this program is very lenient if but you usually need scores around 600+, this is not set in stone i jusst depends on compensating factors, income, assets, pay history, etc. You can still get an FHA loan with lates after the BK ifyou have a good explanation, it is tough sometimes it is worth a try.

We contacted NLMC and they told my husband we had to sell our current home before they can give us a loan. And that we will have to put thousands down. Is that really the best we can do?

That is the one thing I fear most about my BK! Late payments will do so much damage.

I know all I have heard is that it is worse to have late payments after bk, have you been late many times or just a few? Most of the recommendations I have received have been from this site. I am going to look into my PM for a guys name and number that was recommended to me. I heard he was really good and he is nice. Maybe he can help, though I didn't have any late payments, he told me to pay down my credit cards and they would rescore me. He may be able to help you in some way.

I'm new here, but I've been reading a bit. My husband and I filed a Chapter 7 bankruptcy in May of 2004. We're looking for a new home and having trouble finding someone to give us a loan. I'm not sure why. In May we were working with someone at Nationpoint. She told us dh's credit score was like 530, a full 100 points under what we thought it was. I just got a credit score from Experian and it says it's 639. Anyways, we need some info on getting a mortgage. I saw NLMC mentioned several times, but didn't really find a website. Any infor anyone would like to share with me please?


Serenity,

after viewing this post i realized that it was a person at nationpoint that I was talking to. If you would like the name I can certainly give it to you maybe it different from who you spoke with.

Serenity,

after viewing this post i realized that it was a person at nationpoint that I was talking to. If you would like the name I can certainly give it to you maybe it different from who you spoke with.


No thanks, but thank you for the offer. We paid off our small credit card ($300 from Orchard Bank) and they did the rescore and then said something popped up that hadn't been there before. It was a very late payment on the mortgage (my husband was laid off) abd I know it was there the first time because I did a creadit report the same time Nationpoint did. They then wanted thousands of dollars to do a loan. So we decided not to go with them. Thanks anyway.

No thanks, but thank you for the offer. We paid off our small credit card ($300 from Orchard Bank) and they did the rescore and then said something popped up that hadn't been there before. It was a very late payment on the mortgage (my husband was laid off) abd I know it was there the first time because I did a creadit report the same time Nationpoint did. They then wanted thousands of dollars to do a loan. So we decided not to go with them. Thanks anyway.

Serenity,

I'm sorry it didn't work out with NLMC because that's the company I am currently working with. If I hear of any mortgage companies that may be able to help you I will post them. Good luck.

Serenity,

I'm sorry it didn't work out with NLMC because that's the company I am currently working with. If I hear of any mortgage companies that may be able to help you I will post them. Good luck.
Can you post what your loan amount was and your interest rate please. I am possibly interested in using NLMC and want to know what I might be up against.

Can you post what your loan amount was and your interest rate please. I am possibly interested in using NLMC and want to know what I might be up against.

I was quoted $140K, 100% at 8.6%

Nationpoint is a scam. They charge thousands becuase you are buying down the rate. If you ask them what the rate is if you aren't buying it down (How many points are they making you buy?) you will get a better deal. What state are you in?

I was quoted $140K, 100% at 8.6%

What about PMI? You can't borrow 100% without paying PMI.

What about PMI? You can't borrow 100% without paying PMI.

Unless you have 20% down, I thought you had to pay PMI. (I was fortunate enough to have saved 20% so I didn't need to pay PMI.)

What about PMI? You can't borrow 100% without paying PMI.


Subprime lenders do not require PMI.

Subprime lenders do not require PMI.


Yep. No PMI for us.

Subprime lenders do not require PMI.

what is a subprime lender?

Subprime lenders do not require PMI.
I didn't know that. I thought that was some kind of rule or something.

Ok since I last posted I contacted NLMC again and got some more info. I gave them some more info and they could actually give us a better deal then they first said. But I think we've put it on hold for awhile so we can bring our credit score up so more. No more late mortgage payments and such.