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Discussion in 'Credit Talk' started by Safyre, Oct 24, 2001.
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Don't know what my score was when I bought the house (May 97), but in Oct 97, it was 643. My interest rate is 8.125.
I'm going through the process now. Closing in 30 days. Yea. Interest rate is 6.5% with 0 points (we locked in). FICO was 712, 713, 732.
Closed in June with Option One Mortgage.
20% Down Payment
Closed in February with FHA 7.25. Median fico was 625. Refinanced using FHA streamline for 6.75 and will close on 10/26.
Closed December 1999.
1.5 yrs out of BK-7!!!!!!
Average scores- 550 (tri-merge Real estate report)
Amount down- 8k (ZERO down required)
Amount financed- 155,800.00
Interest rate-10.8% (DOH, but what a great write-off)
2 yrs later.....
Refi'ing now for 6.5% ! (scores mid 600's)
Find a good mortgage broker, let them recommend a good real estate agent- or vise versa. Look for ad's that say they work with damaged credit or all types. My broker and agent were WONDERFUL. They made me feel really good about the whole process. I highly recommend them if anyone is in the GA/SC area....
You WILL get a house...be patient, look around, they will help you find the 'right' house. Do not settle on something you don't really want, you can always wait a few months.
Don't get too upset if the rate is a little high. At first I was floored. then I went to an accountant (totally independant of the broker/agent) to get the details.
10.8% sounds high, but he showed me the 'net' numbers after taxes, etc, versus a 7%,8%,9%, mtg. The amount of the motg interest write-off almost completely negated the higher amount. Really. A house makes a great write-off.
Once I got all those numbers together I went to www.paycheckcity.com and used the paycheck calc to adjust my tax withholding to match (ended up with a 15k refund last year..that is NOT a good thing as I gave the government a huge interest free loan). Adjusted accordingly so I end up close to zero at year end, paycheck got bigger, all is well.
Anyway, sorry about the tangent, just don't be scared if the rate seems a little high. Have an independant person go over ther numbers for you, might not be as bad as you think.
Closed in July with BK13 dismissed, scores average 653, 7.75% interest!