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Getting a home equity loan at a good rate after discharging (say 1-2 years), thoughts

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    #1

    Getting a home equity loan at a good rate after discharging (say 1-2 years), thoughts

    I currently have an exp. score of around 702.. guessing that by the time discharged, it may be like everyone seems to say, 598 or similar..

    What are the odds of getting a reasonable rate home equity loan after doing bankrupcy (within 5 years)..

    IE: if the bank is offering 6% on a 5 year loan, or 4.5% on a line of credit.. am i likely to be at 20%.. ive heard it can be the same or close to the given rates..

    Is this true.. any experiences?

    I'm still relatively young with decent earning potential, wondering if that comes into play in the bank deciding.

    Thanks
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    #2
    It takes 3 years to qualify for an FHA conforming mortgage, but I suppose you could try to get a non-FHA mortgage.
    I am a Pennsylvania Eastern and Middle District Bankruptcy, FDCPA, FCRA and Foreclosure Defense attorney, information I post is based on experience in these districts. It is not legal counsel, consider it friendly counsel.

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      #3
      Originally posted by JimKutkowski View Post
      It takes 3 years to qualify for an FHA conforming mortgage, but I suppose you could try to get a non-FHA mortgage.
      I meant home equity, or do you mean, if my primary house mortgage is fha (it is), then i have to wait 3 years.. and are the rates like 15% and up, or normal rates.

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