Buying a house after Bankruptcy

[sobroke]

Well...it is happening! We were discharged and closed in Nov.05 and three months later...we got preapproved for a house. Our mid scores are 630 and 635. We have to have 5% down and our rate is 8.5%. Our broker is great and we go and talk to our builders tonight! Hopefully we will be in a house in 3-4 months. Good luck to all of you. If you want any more details, shoot me a PM.

[Pinktiger]

FHA Loans don't require PMI. Neither do Rural Development loans. Both are government backed loans that help people with low scores and low down payments. The 80/20 loans are conventional loans meant to go around the PMI, also.

[robivi3]

640 score with good equity is absoulutely no sweat. maybe one year from discharge would help also. Very doable.

[invest1choice]

I Just got preapproved for a refiance .. I live in SC SoBroke,
Not sure where you are but I talked to this company they said NO Problem...
Company name : Investors first choice mortgage
They do loans out of state.. The number is 864-201-5306 Jim
This is actually my brother .. Thats were I got my nick-name lol...
If you wanna check it out.. Lots of luck..
I have worse scores than that .. That is actually good scores .. that is amazing I cannot wait until I get there...
Have a great day!!!!!!

[StaciMM]

Depending on scores, you'll have options. To do a true 'no doc' loan you'll probably need to be high 600's. If you can verify a steady flow of income w/ bank statements, you may be able to go limited doc. The more documentation you can provide, the better you can do on a homeloan.

[OnlyBrokeOnce]

Here's a new kink the in the question scenario.

Both DH and I are self-employed. We arent' going to lose our house in BK. We're current, never missed a payment and have about 30K in equity. We'd like to sell the house after the BK and use the equity for a downpayment on a larger home.

However, income is the issue. What about no-doc loans after BK?

[sobroke]

I definitely think 640 is doable. Good luck StaciMM. I am trying to do it now with a score of 624. DH is 630. I will let you know. I am working with several mortgage brokers to see who can get the best rates.

[StaciMM]

My personal home buying goal-get at least 2 of my FICO scores over 640 (though 620 will do) by August. I'll be doing a full doc loan with First Franklin. With a score over 620, they'll do full doc w/ only 1 year employment verification-which we need as Dh changes jobs and has been w/ his current one since May 05. We'll do the loan as a refi, since we are in a lease purchase arrangement and can prove we've been making the payments. We'll have the option of taking cash out-not sure if we're going to but if we do, it will be to finish a bedroom, bathroom, and misc. room in the basement. If the market rates stay the same, we'd be around 6.5%. (Higher rate if not at 640, of course.)

I'm around 600 now on my FICO's, and in June my last late payments on my student loans will be 1 year old, and some new accounts will be 6+ months old, so I think the 640 is doable.

[StaciMM]

I wouldn't say that there is no PMI w/ subprime-but it is safe I think, to say there are ways around PMI. Such as doing an 80/20 loan.

[sobroke]

Oh, I forgot to tell you. This mortgage broker I contacted said that in the subprime market, you do not have to pay PMI insurance. Has anyone heard of this? I do not think this lady knew anything. She obviously wasn't specialized in dealing with subprime lenders. She didn't even understand why my house went into forclosure during the bk. HELLO....it is just a technicality for the lender to get the title back. The forclosure was the main problem...not the bk.

[robivi3]

My scores are hovering in the 630-650 range. When i refi'd last year they were over 600. The broker was a man who handles nearly everyone where i work. I got 6.9 %, took out some equity, replaced everything with maytag, whirlpool gold water heater, and a Rheem High Efficiency AC (I only paid wholesale, friends in the AC business are a dime a dozen here and i have all theequipment so I did the install with a friend. The home has increased another 40,000.00 since, it's the South Florida market, so at this point i still have about 80,000.00 in equity. It is still going up here, Venezuelans are pouring in to Sunrise with bucks to burn, taking their hard earned assets from those who would sieze them. No PMI on my loan. You can refi or buy but your score will have to reach a little over 600. I know that down here twenty percent down is not necessary but you still need that for incidentals involved in a new home.

GMAC (Homecomings) is my Mortgage Co. A couple of minor issues so far, namely flood Insurance which i pay myself.

Once my property in Tennessee reaches the one year plateau in June I plan to start the house there. I'll let you know how financing goes on that, I plan to pay it off quickly, God Willing. At this point the BK is light years behind us. Jobwise I guess I've been fortunate, I'm not in the kind of job that is subject to layoffs or whims (you fire yourself, RARE). It is concrete and basically passed from generation to generation so that's not an issue and I started very young. A layoff would require 7 years full salary plus my pension so you all know i would welcome the deal. At present I'll retire with about 4000.00 in monthly benefit and have around 240,000.00 from the drop. my BK was related to a side business that we operated and of course it involved personal assets as well. I don't know the particulars of every situation, my job tends to make creditors easy to handle and when i bought my Truck the sales manager at the GMC dealer actually hugged me when i told him my employment situation. That and my rating at the time made it a sign and drive deal. Doubt it would today, though, we'll see.

It's hard to fathom some of the equity issues I read about in here because of our market down here. The new Condos (Artesia) they are building a quarter mile from us at Sawgrass Mills are now at 350,000.00 for the 1256 sqaure foot unit with a 709.00 a month maintenance fee. Ridiculous, but selling.

[bkfiler]

cant i be a proud daddy?

women alway going around complaining about how ther kids dad dont take interest in the kids and look what we got here... complaining none the less.

tisk tisk tisk on you both

[StaciMM]

That is his purpose. She isn't even a baby. She is a big girl.

Damn that is really confusing with BK have ing staci's kid in an av.

[JeepMom]

Damn that is really confusing with BK have ing staci's kid in an av.

[JeepMom]

You have a cute BABY


I cute BABIES