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    caliber fresh start Program

    Hello
    does anybody have experience with caliber fresh start , for Bk 7 before 2 years for fha or 4 years for convention loan

    my lawyer told me with %10 down payment you can skip and get the loan

    any advice or any other lender offer same program but prefer not with %20 down payment
    thank your

    #2
    I have no experience with them from a portfolio (non-conforming) lender sense. I think Caliber is 85% LTV (with a good middle score > 660) which means a 15% down payment. (They go to lower scores with higher LTV, just like the other non-conforming lenders.). If you can wait it out the 2 years for FHA, that may be better.

    I wouldn't hounded by People's Bank during the last year of my Chapter 13. They also do similar portfolio loans.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.

    Comment


      #3
      Originally posted by justbroke View Post
      I have no experience with them from a portfolio (non-conforming) lender sense. I think Caliber is 85% LTV (with a good middle score > 660) which means a 15% down payment. (They go to lower scores with higher LTV, just like the other non-conforming lenders.). If you can wait it out the 2 years for FHA, that may be better.

      I wouldn't hounded by People's Bank during the last year of my Chapter 13. They also do similar portfolio loans.
      Thank you , the problem I try plan to do than due rental is going up and up and hard to find 4 bedroom to rent ,

      do you know the people bank rate is over average a little bit of to much high
      thank you in advance

      Comment


        #4
        Portfolio lenders are going to have higher rates because they have trouble selling them on the secondary market. That's why they're called portfolio lenders, because they keep the loans in their portfolio. I'd only use a portfolio lender to secure a property that I know, 100%, that I will refinance in the future to a Fannie Mae, Freddie Mac, FHA loan (the so-called GSE lenders).

        Your credit score will matter with these lenders so being over 660 (middle FICO 5/2/4) will be necessary to get higher LTVs and possibly lower interest rates. These lenders are taking a chance, so that's why they require lower LTVs and even cash reserves in many cases.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.

        Comment

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