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sao

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  1. FHA now requires 3 yrs bankruptcy seasoning and conforming still 2 yrs? I told him that I read FHA is still 2 yrs and conforming is now 4 yrs. He quoted me a 30 yr fixed, at 6% no points and closing costs under 4K as long as I have a minimum 680 score and debt/income under 55%. Is he trying to mislead me? Also he said FHA requires that you pay upfront PMI, is that true?
  2. Ok, here is our situation. We had a BK that was filed on 10/05 and discharged 02/06. We owned our house for about 12 yrs and have between 35 and 45K in equity. We will probably be able to put down around 25K on a new home. We are looking to purchase something between 250 and 270K. My husband has been on the same job for 20 yrs and makes $73,500/yr. We live in KS, have one car loan for $200, student loan for $75 and a credit card that has a balance of 4K and that I am working towards paying it down. I believe our only option is FHA but I don't know where to start looking for a lender. I have applied with a local bank and was told that due to the BK the loan officer was sending it to manual underwriting and would not know an answer for a couple of days. I don't want to pick lenders out of the internet and would like to get some ideas on reputable lenders that offer FHA loans. Thanks
  3. sao

    Mortgage broker fee

    Thanks for the info.
  4. I was wondering how much do mortgage brokers usually charge for their services. Is it a flat fee or a percentage of the loan amount? Thanks
  5. I have a couple of questions. I have heard some comments about conventional loans now requiring that your BK be at least 4 yrs old. Is that true? Is FHA still 2 yrs?? The other question I have is where would be the best places to apply for a mortgage. Does it really matter which company you apply with as far as rates go. Our current mortgage is through GMAC and we thought we would start by applying with them and see what we get. One last question, is there any way to avoid paying PMI if your down payment is less than 20%? Are those 80/20 loans worth looking at? Thanks in advance.
  6. Thanks for the reply. I currently bank with BOA and I have been unhappy with their customer service, so I am reluctant to give them my business, in fact, I am looking into switching banks. I have heard that there are many banks that offer similar programs, can anyone point me in the right direction? I also heard that some may go up to 125% of median income, is that true? The median income for Johnson county (KS) is $65,700 which is about what my husband made last yr. Another question, I read about Patelco and First Franklin (as having good post-BK programs). Is it worth giving them a shot, and how is it that they may be able to offer better rates and terms than other banks???
  7. Thanks for all that replied. Ken (TX) I am really confused now because it seems that everything I read or the LOs I talked to had said that anything before the 2 yr mark (for the BK) is subprime. I am doing a lot of research so that I can get the best loan that is available for us right now. So, if anyone knows about a lender that has good post-BK programs please let me know.
  8. Hi. I have heard about the "my community" program offered by some lenders. We have a bankruptcy that was discharged in 02/06. With another child due in 11/07 we would like to get into a new house before the 2 yr waiting period. So far we got a quote from Countrywide for 8.75, 3 points, no ppp, 2 yr arm. The LO said we would qualify for conventional in 02/07 and they would refi us with no cost. The points are a little high (almost 7K) especially when you consider that it would be a short-term loan (refinancing in 02/07). When I asked him about the my community program he said that there is no program that will overlook the BK. He said that those programs are not score driven but they look at your overall credit profile. I have done a little research and found that the previous Bk should not affect it. My husband's middle FICO is 650 and he made a little over 65K last yr, which is the average HUD income for our county in KS. Is there any chance?
  9. I tried to PM you and found out that I am not allowed to do that yet. Would you be able to PM me instead? Txs
  10. Thank you so much! I would really appreciate if you could give me her info. Is that a way you can email me? Txs
  11. Any ideas on how to find a reputable mortgage broker in Kansas City? I would need to find someone who's experienced in post-bankruptcy loans. I just didn't want to have to pick someone out of the yellow book without references. Any help is appreciated!
  12. Thanks for the info! I am a little confused about the level 1-3, what does that mean?
  13. The LO sent me a rate sheet and said I would qualify for anything in there. Purchase price 260K, loan amount 240K. On a 30 yr fixed the lowest APR was 6.6 with lender fees(which I believe are points) of $12,200 and highest APR was 7.6 with negative lender fees of $3,643. No prepayment penalty. Too good to be true??? Thanks
  14. Hi. I have a question regarding new home purchase. We were discharged from a Chapter 7 BK in 02/2006. We live in KS. We have owned our current home since 1996( reaffirmed and never had a late). With another baby on the way we have outgrown it and started to think about upgrading. We have about 30K in equity. My husband has been on the same job for almost 20 yrs and makes about 70K. Our fixed expenses are about 500/month not counting the mortgage. His middle FICO is 648. We applied at Countrywide and the best they could do was a 2 yr arm at 8.75 with 3 points. Then we applied at Amerisave and they approved us for several different programs (30 yr fixed, 80/20) with great rates. Now the countrywide LO said that it is not possible that they are up to something. I called the LO at Amerisave and she said that they did the automated underwriting approval and it went through with Countrywide, she said that her manager would doublecheck on that and that we could not get a rate lock until we submitted the purchase contract. In your opinion, are they up to something? Should we try to apply somewherelse? If so, where would be the best place to do that? I dont want too many inquiries to lower our credit score.
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