Posted by Paul Macdonald on November 14, 2000 at 12:14:59:
The lender’s products sound a little high but not too much for the first (providing its a conforming, conventional). A no-point vanilla loan for someone who’s never had a BK, with fully documented income is going to be in the 8.5% range right now. What you’re asking for is a post-BK, stated income/no income verification loan. Your loan is going to cost more, period end of story. What I don’t understand is why they have to kick you over to a second, specially at those rates.
But it all depends on scores and purchase price primarily. The standard underwriting formats for post-BK deals is 4 years before they allow you back in the door. At 3.5 years, good cash down, restablished credit you’ve got a good shot at an exception. The bad scores don’t help at all. Easy enough to find out though.
If you tell me what your scores are, and the state where you want to buy I’ll make some calls for you if you’d like.
What is the target purchase range you’re looking for? 50k on a 100k purchase is great. 50k on a $1,000,000 is not so sweet.