2 years out-Good credit scores-New mortgage :)

[eener]

That 1.3% PMI is why we want to stay away from FHA - it's awful that you have to pay it for the life of the loan now. It does not drop off once you have paid down 20%.

[LadyInTheRed]

No. Not yet. I haven't think about that far to get rid of the insuarance. Just focussing on getting our OWN home again for now

When you are looking at $400 in insurance, you really should look at the total cost of insurance vs. the time it would take you to save the money for a down payment to avoid or decrease the amount of time paying the insurance. Buying a home is a big financial commitment that should be made based on more than what you can qualify for and whether you can afford the monthly payment. Interest rates are still pretty low, so that is another consideration that could tip the scale in favor of buying now. Just make sure you look at all of the factors before deciding you must buy a home now instead of waiting for a few years.

[holycowe]

No. Not yet. I haven't think about that far to get rid of the insuarance. Just focussing on getting our OWN home again for now

[mynameainttracy]

We recently started talking to a LO about trying again for a mortgage. My husband qualifies for a VA loan but the LO keeps trying to drag us back in the direction of an FHA. Why would she be doing this? If we can't qualify for a loan via VA I believe I can wait. We can't afford the FHA route.

[LadyInTheRed]

I love posts like this that prove BK does not ruin you forever.

Did they give you an amoritization schedule that shows how long it will take to pay down 20% of the principal?

[holycowe]

Yep, for $300k loan. He showed me the insuarance of almost $400 a month.
Pay til we have at least 20% equity

[CCsAreEvil]

The main thing that keeps me away from FHA is that never ending MIP payment.. I don't know the exact figures (think I read somewher 1.3%), but if you had a loan of $250k, you'd be paying an extra monthly MIP payment of $270 or so.

[holycowe]

Thanks. As of today, FHA rate is 4.25% I believe

[spidge]

Good for you. Happy hunting.

[TXskyblue]

Congratulations!

What kind of rates are they talking?

[holycowe]

Just a quick update:

Chapter 7 closed jan-2012
We started building credit pretty fast. I have $400/mon auto loan with Wells Fargo.
I have 3 cards, wife have 2
Just stopped by Wells Fargo today with some paperworks, thinking no way I can get a FHA loan from em. And guess what. We approved for max. Amount FHA allow ~300k
He ran our scores. Wife in the high 600, mine is 695 705 715. That was fast for 2 years out I guess

Time for us to go house hunting.