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Trying to get a mortgage

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squall55 Guest	Posted: Fri Aug 22, 2008 11:48 am    Post subject: Trying to get a mortgage Like 0 Dislike 0 Hi, I was wondering what our options are in trying to get a mortgage. I have recently completed Chapter 7 bankruptcy after my divorce. It has been 2 months since I went to court to discharge my debts. My credit score is around 555. My girlfriend has really good credit, 799 and has never bought a house before. What mortgage companies or what type of mortgages can we look into? What options do we have? We tried calling East-West, but because of my bankruptcy on my credit, were given a percentage rate up around 7%, which seems awful high. Any help would be greatly appreciated. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Fri Aug 22, 2008 10:30 pm    Post subject: Like 0 Dislike 0 Ok a little Reality Check 720 scores with NO BK are getting 6.375-6.75% so IF you can qualify for a loan of any type with a 50 score 2 months out of BK you ushould jump on it at 7% I assume it was a BK 13 with at least a year of timely payments? and it was a quote for FHA? If not I do not know of any lender that could get you a loan period If that is the case you had better take whats offered or plan on doing the loan in her name with her income only and get your scores up until you can help _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Sat Aug 23, 2008 5:37 am    Post subject: Like 0 Dislike 0 Hi squall. Welcome to the forum. I think your girlfriend's credit score is really very good. So she can get the loan easily with better rates and terms if she has enough income. So how much does she earn? Isn't she ready to take the loan on her name only? It will be tough for you to get a loan as you have recently filed Bankruptcy Chapter7. Best of luck, Larry
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12357 Location: bloomfield, ct 55.04 Dollars($)	Posted: Thu Aug 28, 2008 6:24 am    Post subject: Like 0 Dislike 0 brian, kudos to you. indeed, 7% is a wonderful rate for someone with a 500-range credit score. hey, it used to be a wonderful rate years ago - back when 5 & 6 per cent rates were unheard of. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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