After BK , wait two years and then....

[Blue_Ray]

I am wondering what kind of APR% rate did you get after waiting the 24 month period and going out to buy a house??

Thanks

[freshstart2006]

I filed in 11/06, discharged in 2/07. I just refinanced my mortgage at 95% LTV for 6.875%. That's 2% better than I got when I bought my house and had no credit issues at the time. The loan went through Bank of America, but they're closing their doors at the end of this year.

[CindyLou]

thanks for the encouragement freshstart I'm in the middle of my "househunt" as we speak! I got started a few weeks ago and had to stop due to a family trip. I'm working with a Loan Officer at Wells Fargo and the rate is looking to be in about that range.......I have gotten discourgement from many people in my life saying "no way with a BK!" I say "yes way" and Wells Fargo seems very willing. So I am back on it after the holidays. I don't want to make an offer until we get full approval status.

[spongenotbob]

I am wondering what kind of APR% rate did you get after waiting the 24 month period and going out to buy a house??

Thanks

24 mos post-filing, 6.5% no-cost refi into a 30 yr fixed. Purchase would have been even lower APR.

You're basically prime at that point. (FNMA conforming)

Best of luck,
snb

[Cali]

Great to know I can buy a house after we file and are discharged.

[mtw0220]

I just purchased a home after 2/06 discharge and found
1)no FHA until 3 years post discharge
2)credit score determines conv APR...680+best rate @6.25%
mine at +-650 and I got 6.875%
3)at least 5% down on all conv loans (ohio-declining mrkt)

I was also told that FHA requires 3 years after sell of first FHA home(if included in bankruptcy or foreclosed), but everyone told me differently- I wasn't 3 yrs out from discharge to even see which was accurate

[CindyLou]

if you file a bk that does not involve an fha loan then u can do fha at 2 yrs....actually even a little before if you find a lender willing to ask for the override.

I think in your situation the problem was that you weren't 3 years out from your fha which was included in your bk.