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     | Saturday, January 13, 2001 - 06:59 pm  Question for everyone here... When is the soonest, post-bnk, that I can expect to be able to purchase a house? (even at a subprime (11% or whatever) rate.... My D-to-I ratio will be tiny, and I wouldn't have a problem affording what I'd want... I've got a positive renting history, as well... Any input would be great... I'm just curious at this point... -Dave
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| | Sunday, January 14, 2001 - 03:28 pm The number I've heard tossed around is 2 years providing everything is reported accurately and new credit has been established.
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| | Sunday, January 14, 2001 - 04:40 pm Not correct Patricia, actually can be a short as 1 day if a CH7 and you can actually be in a 13 and buy a home. Couple of questions: What type of BK, 7/13 How much can you put down(%) ie 5, 10 20%. Whay did you have the BK? Financial Mismanagement for Extenuating circumstance? Approximate loan amount? With this I can give you a good idea of a rate you would be looking at.
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| | Monday, January 15, 2001 - 03:23 pm I think a good underwriter would seek proof of an extenuating circumstance (IE job loss/illness) and make a reasonable human judgment based on these facts. This would separate them from actual deadbeats and serve to differentiate them as serious buyers and payers vis-a-vis the lender. Kudos to you if you help facilitate and steer people toward these kinds of lenders.
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| | Monday, January 15, 2001 - 05:06 pm Ok, here's the deal: Chapter 7. Probably around 15%. The bnk was caused by two things: A) Financial mismanagement when I was younger. I had been extended entirely too much credit starting when I was 18 up until 21... I'm in a much better financial situation now, but there was no way I could've paid it all back in a reasonable amount of time (thank AMEX for giving me a $12,000 credit limit on an Optima card) B) My roommate from my last rental screwing me over and leaving 4 months early - leaving me with damage bills, unpaid rent and utilities, etc. I have a solid loan history on my automobile (never late), as well, as a couple of other positive (but relatively new) credit lines. My debt-to-income ratio is extremely low now because of the ch7. I'm in a MUCH better financial situation now (I'll be making around 90k + 16% or so bonus next year. The house I'd be looking at would be somewhere around 200k. Thanks a lot Don, -Dave
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| | Tuesday, January 16, 2001 - 05:57 pm Dave, Best guess would be an 80% loan at 10.95%. Non- score driven lender. Now depending on exactly what your credit score is there are some lenders that base everything on the score. If by chance your score is above 600 you could possibly go to 90%. Sound weird but that's jsut how they do it. Once your BK is done, get a credit report run with all three score to see where you stand. If your interested, go to my site http://www.aimloans.com or http://www.metloan.net and complete a full application. We will run a tri-merge report with scores for $13.00. We won't run it until we get your Money order via the mail. Once I get it back I can email or fax it to you. This may give you a better understanding of where your at. If you want to pursue business together it your choice, no strings. Unfortunately I can't just run the credit without the application as it would be a violation of our "legitamate busines purpose" clause with the CRA's. Hope this helps.
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| | Wednesday, January 17, 2001 - 01:16 pm FYI: My marginal (original) mortgage went with a 631 middle score @ 95% LTV. (560,631,642)
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| | Wednesday, January 17, 2001 - 05:12 pm John, That's quite understandble since most all lenders base the score they use on the middle of three scores or the lower of two. Since your middle score was above the so called 620 threshold you had a good shot. Other factors that may have been condidered was your Debt Ratio, Reserves, cahnge in housing expense, and job time. Score alone do not generally get a loan approved. My point above was strictly related to credit. Some lenders (B/C) only look at scores when it comes to credit. Then if you pass that test they look at the rest. It's a quick way to screen files out and a way for them to credit grade stuff less subjectively. It also make for easier securitizations when you present a MBS buyer with a package of loans that score between x & Y.
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