FLA-TAN I need your advice

[Christi523]

Me and hubby are looking to refinance our home. We had a BK two years ago and no lates for the past two years. Our scores are in the mid 600s to 700's on all reports. In your opinion, would we be able to refinance to a lower rate? We did a buy down of 5 3/8 to 6 3/8 and maxed out at our current rate of 7/38. I know they rates are much lower than that, but I am wondering if our past problems will keep us from getting a lower rate. TIA

[fla-tan]

Me and hubby are looking to refinance our home.  We had a BK two years ago and no lates for the past two years.  Our scores are in the mid 600s to 700's on all reports.  In your opinion, would we be able to refinance to a lower rate?  We did a buy down of 5 3/8 to 6 3/8 and maxed out at our current rate of 7/38.   I know they rates are much lower than that, but I am wondering if our past problems will keep us from getting a lower rate.  TIA

 

Christi

 

Your scores are fine, but your problem will be the BK. Conventional lenders generally require 4 years post BK, though FHA only requries 2 years. So you may be able to go FHA. There are several lenders that will quailify you ALT-A and their rates will probably be in the 6's. Without knowing alot more about your specifics, I am not able to provide any more information. If you wish, email me with more details about your situation, including what your credit exactly looks like and I will be able to give you a more difinitive response.

 

 

fla-tan