Buying a house after Bankruptcy

[StaciMM]

Mine! She is my big girl, not your baby!

well keep on it and become the expert

nice baby pictures. my baby is cute too

[bkfiler]

well keep on it and become the expert

nice baby pictures. my baby is cute too

[StaciMM]

An 80/20 can be done to avoid the private mortgage insurance.

Find a broker to talk to-it can give you an idea of specific goals to work on. I can recommend one that I'm working with. He has been great with questions, etc. even though we really won't be a customer until summer. He is licensed in all states but ND, SD, MT, VA, NY, LA, TX, NV, & RI.

[JeepMom]

It looked kinda high. I'm thinking we're just gonna wait out at least a year. Dh's TU score is 640 w/errors listed so we should get something decent in a year or two I would think. (We re-affirmed my van so we have those payments to help the score)

[bkfiler]

two loans - 80% loan and a 20% loan.

80% is toward the house.
20% is for the downpayment you are supposed to have for a house.

you have to be very careful with those because you are paying on two loans and it can be costly.

[JeepMom]

I checked out that page staci listed, it said we q'd for an 80/20 loan, anyone know what those are about?

[StaciMM]

The broker you spoke with might only work with Prime lenders. Under 2 years after BK, we're in the subprime market. You'll need a broker who deals with all types of loans...

[sobroke]

AHHH...I don't know whether to cry or say to he&& with it! Then I look at bkfiler's picture and I laugh! I will let you know. I am talking to several others. The stupid forclosure was a result of the bk. I can't tell you how many people said that it wouldn't matter. Now I am stuck! It's not like I can file bk again!

[bkfiler]

yes you can get financing. who knows what she was talking about. all you know is you dont want to do business with her. thats all. next....

the longer you wait the better the offer will be though. google 'lendors' or 'realator' in your area and start calling them for advice on the list. make a list and report back to us adn share if you can. see what they all say.

[sobroke]

Well, I talked to a mortgage broker today (yes..impatient) and she told me that a person will not qualify for a mortgage with a forclosure and bk listed on cr (for at least two years) I have 5% down now, but that isn't good enough. I am beginning to wonder if this woman knows what she is doing, because I thought you could get financing after a bankruptcy? What do you all think? My mid score is 624 and my DH is 630. What is the problem????

[StaciMM]

Gamblingman-

FICO is the only outlet for getting your FICO score. They don't let anyone in on details to their methods for calculating the score, so buying a score from another source will not give you the same results.

Kind of like how a person graduating from a high school in one state compared to a person graduating from a high school in another state... States & schools tend to have different educational strengths/weaknesses, and requirements for graduating. Even if the 2 have the same GPA, their education is not necesarily the same.

[masters93]

mortgagebroker1
My bankruptcy was dicharged in 6/2005. Currently I am disputing things left on my credit report to finish cleaning it back up. As far as I know my credit score is 580 You stated earlier that you can help someone in my postion secure a mortgage how do I contact you to further discuss wether i would qualify for a mortgage?

[gamblingman]

Be careful as FICO has bad BBB rating

The best place to get your real FICO scores is at www.myfico.com/12
It costs $45 and you get all three files with actual scores. The ones sold invidivdually by each of the 3 players is there own score using their own formula.

I checked out the FICO site with the BBB Online and they have an unsatisfactory rating. This stoped me from using them as I am a member of the BBB and I know how they work on giving a business chances to clear up complaints.

[StaciMM]

You should have a few options, assuming you are basing your mid score on FICO. I'm working with someone who posts alot at credit boards.com, I'll pm you his contact info...

[sobroke]

Can anyone recommend any mortgage companies? I am ready to start looking, but I don't want tons of inquiries. My FICO is about 650 (middle score) I am post-bk about 7 months. I would like to go with an ARM (since I will be refinancing in a couple of years) with a low rate--around 6% or so. Is this possible? Has anyone been approved with this and with what mortgage company?