Does anyone have experience with Eloan and BKs? Indymac is giving me a 5% down mortgage at 7.75% and 2 points + $1k origination fee. My scores: Exp - 632 (FICO) Efx - 650 (FICO) - if items in dispute fall off TU - 605 (FICO) I'd really like to lose the 2 points if possible. Eloan seems promising but is BK from 1998 a problem?
How is your credit since the BK. That isn't a very good deal. We are preapproved right now with a BK from 1998. 1 point and whatever the interest rates are the day we pick a house. Should hopefully be under 7%. That is with FHA though.
Update: I applied with ELOAN over the phone this afternoon and got the following terms (conditional): 30 year fixed 5% down 7.25% 0 points (actually -1.404% - a credit!!!) Total cash needed at closing (including downpayment): $10K (as opposed to $21K with Indymac Bank). They are running it through Desktop Underwriter and will get back to me this afternoon. She said everything looks fine.
That sounds much better. If you can afford it you might want to see if your rate can be lowered if you pay a discount point. We chose to do that. We have to pay an extra $985 to get 5.9 fixed. Kim
