618 middle score mortgage??

Not at a good rate.

You're probably better off getting your credit in better shape and saving up a downpayment.

Don't put the cart before the horse.

 

From what I understand, 620 is the cutoff for near prime rates, but you'll probably have to go through a broker... mainstream lenders require a higher score.

 

sorry to steal the thread, but what could I get with a 645 middle score 13 months out of bankruptcy? with no money down...

 

janritch -

we got an 80/20 loan one year after BK.

middle score was 623

rates were

80 - 7.75%
20 - 13.9 %

We can refi after three years but not before. There is also a prepay penalty.

The 20 loan was a 15 year ballon where in the 15th year a massive payment of like $18,000 was due but we will never get to that point because we will refi after three years and was told we would be able to put both loans into one with a better interest rate.

We put down $4000 for closing costs but used the 20 for the down payment so we have no mortgage insurance to pay.

We pay $850 a month on the 80 and $293 on the 20.

We could've waited another year and worked on our credit and put another year on the BK but we badly wanted to get this particular new home built so we decided to bite the bullet for three years and get our new home.

If I had to do it all over again, I'd do the same thing. Being a homeOWNER is a great thing. Besides, we'll get to write off ALL that interest on our taxes anyway.

Good Luck.

Broncsboi

 

what was the purchase price?

 

$123,778

Did the 80 on $99,000 and the 20 on $24,change.