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    #1

    Do I have any options?

    Filed in August 2005, discharged in March 2006. All credit card debt (approximately $98K.)

    Cleaned up all of my reports (it was AMAZING how many didn't list that it was discharged through bankruptcy.)

    I have an AmeriCredit Car loan - paid on time every month since April.
    I have a Hooters card ($1000) - paid off every month for one month I've had it.
    I have an Orchard Card ($300) - paid in full every month since April.
    I have a Target RedCard (charge - not Visa $200) - paid off every month for the one month I've had it.
    I received a Junipter Card ($300) - that I will be able to pay off every month as well.

    My credit reports are 638 / 589 (have no idea why so much lower - all the same stuff and statuses) / 639.

    I don't have anything for downpayment - but am saving as much as I can and should be able to have around $5 - $10 in a few months.

    I have an excellent salary - $98-$101K - but have only been at my job 1.5 years.

    I've never owned a home before.

    I'm expecting an approximately $200K annunity from a family member in 2011. I get a max of $50-55K/year.

    I'm not sure if I SHOULD, or even could do an Interest Only loan right now for five/six years and then be able to refinance it with the annunity.

    I really have no idea if I have any options with very little money/close to none for a downpayment being a first time homebuyer semi-recently right out of chapter 7.

    The rental market is just HORRIFIC. The rates are going up, the buildings are horrible. And my partner and I really want to get into a townhome or condo to get out of this kind of rat race.

    We're in southern florida.

    Any options, suggestions...etc... greatly appricated.

    Thanks,

    Chris
    Tags: None
    #2
    You're probably relatively safe to do whatever loan you qualify for, regardless if its an arm or interest only. The new chairman of the fed Bernanke is still relatively new, but its not expected interest rates go much higher either way. But even if they did, you're expecting to come into some money so you can pay it off.

    Comment

      #3
      You are good to go! 100% financing is definitely an option for you. As far as loan programs - the 30 yr fixed is only about 1% away from it's all time low right now. Go with a 30 yr fixed! If you can afford it, you really want to start chipping away at the principal of your loan whenever possible. And with your FICO, you would be surprised at how good of rate you can get,even only being out of BK for less than 1 yr!

      Comment

        #4
        Well the response from Lending Tree has been OVERWHELMING. The best place I talked to said he could do a 80/20 Fixed 30 years. Total payments around $1300. I'm nervous about two loans... Is that normal?

        Comment

          #5
          Originally posted by PBXBear View Post
          Well the response from Lending Tree has been OVERWHELMING. The best place I talked to said he could do a 80/20 Fixed 30 years. Total payments around $1300. I'm nervous about two loans... Is that normal?
          Your scores are pretty good, the lenders go off of the Middle Score so in your case that would be 638. You may be elgiible for a decent rate on a 30 year fixed loan. What size of home were you buying? I would not be nervous about the 80/20 loan it is going to get you the best blended rate, which is the average between the two rates. Since 80% of your mortgage is going to be at the lower rate. What rate and closing costs were you quoted? You should be able to get into the home for less then $1000 total if your deal is structured right. Closing Costs are high in florida because of the state taxes involved with realestate transactions, since you do not have any personal state income taxes.
          Last edited by MTG_BANKER_OH; 10-20-2006, 06:24 AM. Reason: add more info
          Nick Kusan

          Comment

            #6
            I'm looking at wanting to get a home at around the $200K level. I really want my monthly payments (including everything - homeowner fees, insurance...etc.) to be around $1300. The rate I believe was around 6.1X%

            This bank I've been dealing with Flagstar has a lot of local branches to me, nice guy, and he said my payments would be 1250-1300. Closing costs, since I haven't found a home yet... he said would be around 2-3% - but I might be able to get the homeowner to assist with that. With having only about $5K in the bank to put towards anything (whether downpayment / closing costs...etc) I'm sure that might limit a few options??

            Comment

              #7
              Originally posted by PBXBear View Post
              I'm looking at wanting to get a home at around the $200K level. I really want my monthly payments (including everything - homeowner fees, insurance...etc.) to be around $1300. The rate I believe was around 6.1X%

              This bank I've been dealing with Flagstar has a lot of local branches to me, nice guy, and he said my payments would be 1250-1300. Closing costs, since I haven't found a home yet... he said would be around 2-3% - but I might be able to get the homeowner to assist with that. With having only about $5K in the bank to put towards anything (whether downpayment / closing costs...etc) I'm sure that might limit a few options??
              That sounds pretty good, I would be careful, are they aware of the Bankruptcy? I would think so but the rates they are quoting you are very low, and they are a conforming lender and I am not 100% sure that their quote is accurate, I do not think they will finance anyone with less then 2 years post BK. Did you talk to someone or was it an automated response to your reply?
              Nick Kusan

              Comment

                #8
                Full discolsure on the bankruptcy, I authorized him to pull my report, and he ran the numbers. I just sent him an email asking for a bit more of the details. When I went to lending tree I accidently did two applications, checked 3 different loan types, and the GetSmart options on both applications. Thus, I'm trying to manage no less that 30 phone calls/emails with offers. But the Flagstar guy was the less "slick" out of some of the companies I did get a chance to talk with. Seemed honest, nice, and local (I liked that...)

                The worst has been Diversified and Universal Funding LLC - they have given me a HUGE icky feeling. Fast talkers, confusing programs, OI, IO this, that, programs where I HAVE to be locked into the loan for two years, can't refi without pentalities...

                Oy vey! So confusing...

                Comment

                  #9
                  Oh, I've been talking with him... he's a nice New Yorker, like me.

                  Comment

                    #10
                    Originally posted by PBXBear View Post
                    Oh, I've been talking with him... he's a nice New Yorker, like me.
                    Sounds good let us know how it goes.
                    Nick Kusan

                    Comment

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