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Refinance Seller financed Mortgage

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pamelachristinegarrett Joined: 11 Aug 2011 Posts: 1 1.48 Dollars($)	Posted: Thu Aug 11, 2011 10:05 am    Post subject: Refinance Seller financed Mortgage Like 0 Dislike 0 Hi, need to refinance a Seller Financed mortgage sometime over the next year. 9 months into the Mortgage,all payments on time. Income Yrly Gross income $103,000. Mortgage balance $173,000. Monthly Payments $1327.00. Credit scores 690 and 667. Total debt (besides mortgage) $5000., personal loan,small credit card balance. Chapter 7 3. 5 yrs ago, Short Sale 2. 8 yrs ago,there where lates,mortgage co. would not do Mod and could not pay rent and keep mortgage current). (Extended Job loss due to economic crisis). Moved out of state for employment. Both husband and I same job fields,employers since relocating 3 years ago. (Medical field,mechanic). On time payments of all debt since Ch. 7. We have savings,401k's and Mutual Funds. Can afford settlement costs and down money for Refi. Need to know how long do we need to wait to be approved for conv,FHA or USDA refi. Thank you!
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Aug 11, 2011 7:35 pm    Post subject: Like 0 Dislike 0 Hi pamelachristinegarrett! Welcome to forums! After a Chapter 7 bankruptcy discharge, you need to wait for 2 years to qualify for a FHA loan and 4 years to get a conventional loan. However, in order to qualify for a loan, you should also have a good credit score. I hope you've taken steps to improve your credit score after your bankruptcy filing was discharged. Feel free to ask if you've further queries. Sussane
scockyGof Guest	Posted: Thu Aug 11, 2011 10:51 pm    Post subject: Like 0 Dislike 0 It agree, this remarkable idea is necessary just by the way
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Fri Aug 12, 2011 1:30 am    Post subject: Like 0 Dislike 0 This would probably take a long time of waiting, work on getting a good credit rating. Or you could try applying for a guarantor loan, have someone take responsibility of your loan repayments. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
Guest	Posted: Fri Aug 12, 2011 3:16 am    Post subject: Like 0 Dislike 0 Thanks everyone. Yes,we've taken steps to improve our scores. My question is since almost 4 years has passed since the Chap. 7 and almost 3 with the Short Sale, what would we need re: our situation above, to be approved for an FHA refi? What is the mortgage community seeing in regards to people seeking refi's or mortgages and actually being approved? Should we apply now or what else should we do in order to get ourselves in order to be approved? If you need more info,let me know. Thank you!
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Fri Aug 12, 2011 9:47 pm    Post subject: Like 0 Dislike 0 Hi Guest, If you have reaffirmed your mortgage when you were in Chapter 7 bankruptcy, then you can now contact your lender and apply for a refinance. If you have good credit scores, you'll be able to qualify for a FHA refinance. Thanks

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