unjaded Posted December 17, 2004 Report Share Posted December 17, 2004 Filed BK 8/03, discharged 12/03. Since then I've gotten a car loan, never late; 2 low limit cc, never late; and continued paying my student loans, never late since BK. My income is approximately $50,000 and I've had the same job for 6+ years. My middle score is at 576 (pulled by a lender on November 1, 2004). I need a 100% loan with closing scheduled sometime at the end of April/first of May. It's a new construction. What are my chances? Link to comment Share on other sites More sharing options...
wunderwoman Posted December 17, 2004 Report Share Posted December 17, 2004 It depends on what else is one your report, and how much you owe on your student loan. There's always a chance you'll get 100% but at such a HIGH interest rate because you are considered a high risk. Link to comment Share on other sites More sharing options...
virtualpara Posted December 19, 2004 Report Share Posted December 19, 2004 Lenders use mortgage computer programs to "underwrite" and approve loans now -- especially if they want to "sell" them in the market place.However, the AVERAGE is that you should be out of bankruptcy at least 2 years. They want to see that you have reestablished yourself with NO payment problems. They usually look at your MIDDLE score, though there are a few lenders/programs that take your lower score.Something that might help you is myfico.com. You can input information on there, ie ifyou get another BANK loan, or pay off a credit card, etc. It will show you if and how if may affect your scores.The HIGHER your scores, the lower the interest rates you pay. Link to comment Share on other sites More sharing options...
utsava Posted December 19, 2004 Report Share Posted December 19, 2004 8) there are houndreds of different programs ot there! Look for a morgage broker on the internet and let him search for the right loan for your situation. You will get 100% financing, there are programs for bad credit and 7 % interest, don't go to banks directly, they will most likely turn you down or charge you more. Don't let anyone tell you it costs you a lot because of your credit. Don't pay more than 1 point and around $ 5000 in closing costs. And there is a way of getting the bankrupsy out of your credit report, too. Link to comment Share on other sites More sharing options...
firstsource Posted December 21, 2004 Report Share Posted December 21, 2004 One piece of advice is to have a broker send you the credit report. Reading between the lines, it sounds like the one broker that ran your credit did not get you a loan. Offer to pay them for the report (Costs anywhere from 9.50 to 25.00) and send you the report. Then, when you have some lenders interested in your loan, fax them your report w/o SS numbers and have them give you a quote. You will probably find that you need a 600+ score to get 100% financing with under 2 year old BK. There are probably some things that you can do to raise your scores by that much in the next 4 months. Finally, when you get your loan, it should be in your mind a "temporary" loan, what I mean is a 2 or 3 year ARM (Adjustable Rate Mortgage) where after the time period, you still have the loan, but you can and should refinance. Once you are post 3 years BK, your options are wonderful for getting better rates & etc. Charles Link to comment Share on other sites More sharing options...
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