Does anyone here know if it is possible to get a stated income mortgage after the 2 year BK discharge point? Also if it is possible how much higher are the intrest rates, and what percentage of a down payment would be required roughly?
Not sure about the years but when I got my home after chp 7 they told me FHA was 4 yrs post discharge. But that may have changed. Our credit was perfect too from our discharge until we bought our home and has been ever since. The bank only required a letter of explanation on why we had to file. This was BofA too. Ours was discharged in 5/92 and bought our home in 8/96 @8.75%. I don't know what the going rate was then but I think we were right there with others that bought in 96. Our credit was perfect from discharge so I don't know if that mattered at all. We found a home where the seller paid all our closing costs and most of our prepaids so we had about 1500 out of pocket only thru FHA. Just refinanced our home from a 25 yr note to a 20 yr note (we had refinanced in 2000 from 30 to 25 yr note) to 5.75% and it has gone up in value from 58k in 96 to 95k in 2003. WOW
Just refinanced our home from a 25 yr note to a 20 yr note (we had refinanced in 2000 from 30 to 25 yr note) to 5.75% and it has gone up in value from 58k in 96 to 95k in 2003. WOW iambroke =============== How do you tap into the equity on it? THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
How do you tap into the equity on it? I'm alittle confused at what you are asking? My guess to tap into the equity would be to take out a HELOC loan of which we have but have no balance on it.
Fannie Mae: stated income, no ratio, no income no asset Anything else would be helpful www.principal.com/partners/correspondent/sg/forms/fnma_ninauw.pdf
How do you tap into the equity on it? 1*I'm alittle confused at what you are asking? 2*My guess to tap into the equity would be to take out a HELOC loan of which we have but have no balance on it. Everyone is always broke in one way or another! =========================== There are 2 ways 1*One is to borrow it which you just stated. Do you know the other way????????? THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
You could always sell it and if it has gone up in value then you would make money off the sale. But I think the original poster wanted to tap into his equity while keeping the home though.
