Has anyone get a mortgage loan with BK background and 550-600 Fico Score? How much loan and interest and State? Thks!
We were one year post BK with 'median' score at 620. Did an 80/20 loan. $0 down. $124,000 loan. We did have to put down $1000 at the contract signing to start the building of the house, which eventually went towards closing cost. Ended up paying around $4500 closing cost which we paid about $1000 a month until paid as the house was being built. 20% loan meant no mortgage insurance. It was a balloon loan at 13%. The balloon is due in 15 years although we will refinance in the third year of the loan so we'll never have to deal with a balloon payment. Payment on this loan is $293.00. 80% loan is conventional loan 30 year. Interest rate is 7.75%. Payment is 747.00. Live in Arizona. Used Taylor Woodrow mortgage company. Because we used the builder's lender, we got refridgerator, washer and dryer. Not to mention our real estate guy gave us $300 in Home Depot gift cards when we moved in. The way our loan is set up, we are not allowed to refinance for three years. My understanding is that we will be able to put both loans into one and hopefully at a lot better rate. Currently my median FICO score is 646. Not sure what the wife's is. It was 619 at the close of the loan. It appears if we could've had the 620 score we would've gotten a slightly better rate on both loans. We decided to bite the bullet and pay a little more now to get into a house. We figure the higher interest we're paying over the next three years, we're writing into our taxes anyway. I'm not going to say it's the best move for everyone, but it works for us. good luck
