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len979
Joined: 28 Feb 2007
Posts: 2
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| Posted: Wed Feb 28, 2007 7:42 am Post subject: Looking for a lender |
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Hi all.
My $115,000 offer on a condo was accepted just a few days ago. The seller also agreed to offer $5000 towards the closing cost. The condo is located in connecticut.
Here are my stats:
I make about $70,000 a year so I can easily afford the mortgage.
I have been with current employer for about 3 years.
I currently live with my girlfriend, but i'm not on the lease, so it would be a bit difficult to prove rental history.
I'm putting 5% down.
My FICO score is 640.
I have only one credit card with a balance of only $480 on which I'm paying $37 a month. I have no other debts.
However here's my problem. I filed for chapter 7 bankruptcy back in 2005 and it was discharged over a year ago. Due to divorce, I had to move out of our condo, and my ex could not keep up with the monthly payments. Luckily I found a buyer after about 3 months, but unfortunately the bank had started foreclosure procedings on the condo. My credit report now shows I have a foreclosure although the mortgage was paid off fully.
The mortgage broker I'm working told me I could only qualify for a 2yr ARM, although I was looking for a 30yr fixed. Here a the terms of the loan:
2 year ARM
2 year prepayment penalty
Interest rate = 8.5%
Points = 2%
total estimated settlement charges = $5,650
I think 8.5% is too high, the bankruptcy not withstanding. I don't have any money for points or closing as the lender is offering a $5000 concession.
Does anyone think I can find a better deal?
Thanks in advance |
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DallasLoanGuy
Joined: 26 Sep 2006
Posts: 169
Location: Dallas, TX
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| Posted: Wed Feb 28, 2007 3:03 pm Post subject: |
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is this 1 lien?
or is it an 80/20 combo loan?
when was the foreclosure notice? within the last 12 months? within the last 24 months?
this may be a fair deal..... but if that is a straight 100% loan, then you might get a break doing an 80/20.
who is the lender? |
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len979
Joined: 28 Feb 2007
Posts: 2
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| Posted: Wed Feb 28, 2007 5:58 pm Post subject: |
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| This is a one lien.... no piggyback. The foreclosure notice was 8 months ago. |
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DallasLoanGuy
Joined: 26 Sep 2006
Posts: 169
Location: Dallas, TX
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| Posted: Wed Feb 28, 2007 9:28 pm Post subject: |
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| that is a fair rate for those circumstances.... sorry |
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