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yanmink
256 Posts |
 Posted - 05/21/2008 : 3:36:46 PM
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| Will any bank take 630 FICO full doc with a BK discharged less than 2 years ago? 85% LTV conforming loan amount |
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ChangingTymes
118 Posts |
Posted - 05/21/2008 : 3:52:12 PM
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| If at least 18 months have passed, no lates since BK, and BK was beyond the control of the borrower, FHA will work. Needs great LOX and possibly documentation of circumstances (death, job loss etc) |
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AGreene00
2578 Posts |
Posted - 05/21/2008 : 4:08:31 PM
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quote:
Originally posted by ChangingTymes
and BK was beyond the control of the borrower
How can this possibly be documented? I guarantee 98% of people who file BK are going to have some reason that it was beyond their control. |
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yanmink
256 Posts |
Posted - 05/22/2008 : 10:37:41 AM
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| that's a good question. has anybody funded a simulator deal? |
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haiku
408 Posts |
Posted - 05/22/2008 : 11:16:21 AM
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| Yeah, need the schedules, the trustee report, and lox. Done several of them. The most important thing believe it or not is not the current mortgage, it is the current trustee payments. One missed/late payment, and the deal is dead. |
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yanmink
256 Posts |
Posted - 05/22/2008 : 11:21:15 AM
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| as far as payments since the bk. they were allways on time |
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BrewCrewGuy
14 Posts |
Posted - 05/22/2008 : 12:49:03 PM
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| is the client in MO? Last name Lee? |
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yanmink
256 Posts |
Posted - 05/22/2008 : 12:51:54 PM
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| No my friend. just look at the signature and see my 818 area code. |
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yanmink
256 Posts |
Posted - 05/22/2008 : 12:55:16 PM
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| i'im sorry i forgot to mention. my friend my friend. with one (1) post. |
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clarenceworley
3601 Posts |
Posted - 05/22/2008 : 12:55:33 PM
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| I have one submitted right now for an FHA: husband got into drugs, and had multiple arrests. Bk under 2 years old. I went online and printed over 5 different arrest records to document the file. He was eventually deported. |
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mullaned2002
91 Posts |
Posted - 05/22/2008 : 12:56:52 PM
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| Try a manual u/w FHA bank ie, Golden 1st. Ryan @ Golden 1st is a friend of mine. 763-498-4631. Good Luck! |
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yanmink
256 Posts |
Posted - 05/22/2008 : 12:59:07 PM
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| Thanks for the help. I will call right now! |
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loancloser1342
254 Posts |
Posted - 05/22/2008 : 1:00:28 PM
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| Conforming will probably work as long as the BK was FILED over two years ago. |
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yanmink
256 Posts |
Posted - 05/22/2008 : 1:02:42 PM
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| It was discharged 2 years ago. Filed about 4 |
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haiku
408 Posts |
Posted - 05/22/2008 : 1:05:34 PM
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| You should be ok then. Normally, 13 is date of filing, and 7 is date of discharge. |
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BrewCrewGuy
14 Posts |
Posted - 05/22/2008 : 1:07:47 PM
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| Tried to get this done for a client of mine in MO named Lee...keep in mind she went to 4 other FHA Lenders before she came to me...I have talked to many different FHA lenders...here are the poblems you will encounter....1. Getting the underwriter to sign off on the LOX for the BK, Huge Gray area in underwriting, nothing specific, FHA is on the prowl to crush underwriters that are stepping out of bounds....2. Getting something in writing from FHA allowing the exception, this would cover the underwriters butt, tried for 2 weeks to get this. Citi has new programs for no bk seasoning...had to use them for my client...though she still thinks she FHA.... |
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mortgagegirl1010
164 Posts |
Posted - 05/22/2008 : 2:32:48 PM
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This is from the FHA handbook
Bankruptcy.
A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner. Additionally, the lender must document that the borrower’s current situation indicates that the events that led to the bankruptcy are not likely to recur. |
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BrewCrewGuy
14 Posts |
Posted - 05/22/2008 : 3:11:44 PM
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| So you would need a DO/LP approval....or the underwriter needs to sign off on the exception....correct? |
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haiku
408 Posts |
Posted - 05/22/2008 : 3:22:32 PM
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| Oh yeah, as noted in BCG's post, don't forget about the new tradelines. |
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yanmink
256 Posts |
Posted - 05/22/2008 : 6:14:43 PM
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| I appreciate everyone's help. i will be submitting this first thing tomorrow. |
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