Scores are in my signature, but they're only part of the story.
Filed BK 8/27/2010, discharge 12/10/10.
Stupid BofA refused to let me DIL (or Foreclose) on the house, so I used the law firm I work for to SS it.
SS recorded 11/7/12
So theoretically, the waiting time for the BK has passed, but not the time for the SS. No FHA for me.
Instead, knowing that Navy Fed treats BK people awesomely, I called them and spoke to an underwriter a few months ago. According to the UW, they don't follow the FHA rules for their conventional loans; what will matter is what I've done since the BK; and the SS(title transfer) date doesn't matter as long as I have perfect history since the BK and the title is out of my name.
I don't need to buy a house, I just want to. I'm sick of living in my apartment, and I have the means to do so. I've got about $40K saved atm, and should have ~$50/55 by the time anything closes. So I told them I'd put 20K down and was seeking pre-approval for $350K (their rule is 5% for conventional). I'm preliminarily approved by the application taker for a 4% 15yr Fixed, 1/4 point, no Origination Fee. I'm happy with that. Also, no Application Fee and they'll pay $2500 of my closing costs. There was also no application fee.
Now, waiting for the underwriter to call with his terms (3-5 days) or a total denial. I have a contingency plan to go rent a house if I get denied, so it won't bug me too much... still, would be nice to own a house again or to know with certainty that I'm not buying for another 2.3 years.
Here's to hoping,
-SM
Starting Score: ~470 preBK(8/2010)
Good luck. How does everyone here get involved with NFCU?? I don't have any living relatives that are military. My Dad was but he's long gone and never had an account with them.
Starting Score: 597I had my uncle (in Navy) join my mother and I joined through her. There is always some path to get in to Navy, though it might take 3-6 steps!
-SM
@SoulMaster wrote:Scores are in my signature, but they're only part of the story.
Filed BK 8/27/2010, discharge 12/10/10.
Stupid BofA refused to let me DIL (or Foreclose) on the house, so I used the law firm I work for to SS it.
SS recorded 11/7/12
So theoretically, the waiting time for the BK has passed, but not the time for the SS. No FHA for me.
Instead, knowing that Navy Fed treats BK people awesomely, I called them and spoke to an underwriter a few months ago. According to the UW, they don't follow the FHA rules for their conventional loans; what will matter is what I've done since the BK; and the SS(title transfer) date doesn't matter as long as I have perfect history since the BK and the title is out of my name.
I don't need to buy a house, I just want to. I'm sick of living in my apartment, and I have the means to do so. I've got about $40K saved atm, and should have ~$50/55 by the time anything closes. So I told them I'd put 20K down and was seeking pre-approval for $350K (their rule is 5% for conventional). I'm preliminarily approved by the application taker for a 4% 15yr Fixed, 1/4 point, no Origination Fee. I'm happy with that. Also, no Application Fee and they'll pay $2500 of my closing costs. There was also no application fee.
Now, waiting for the underwriter to call with his terms (3-5 days) or a total denial. I have a contingency plan to go rent a house if I get denied, so it won't bug me too much... still, would be nice to own a house again or to know with certainty that I'm not buying for another 2.3 years.
Here's to hoping,
-SM
Soulmaster, is this the fixed mortgage loan or the 100% financing? How much time would they like to see pass? Did the UW specify their rules for conventional loans?
It's conventional with 5%(min) down, not the 100% HomeBuyers Choice thing they have.
The UW I spoke with a few months ago said "we usually like to see about 2 years" as an answer to one of my questions, but I wasn't applying at the time... just probing for info. When I asked him for a specific timeline post BK/SS he said "We evaluate every application manually and on it's own merits, and we don't have any specific time requirements after derogatories." I took that with a grain of salt, but used it as motivation to prep for today's application
The real UW is supposed to call me in 3-5 days, so I'm sure I'll learn more about the qualifications when s/he does call. And, whatever I learn, I'll be sure to post back here!
As for "So theoretically, the waiting time for the BK has passed", I was specifically referring to the FHA 2 year post-BK rule... not Navy's. I wouldn't want FHA anymore anyway... 3.5% downpayment + 1.75% upfront PMI = 5.25%, and you pay PMI forever until you refi. Why not just save 5% and buy something on a better plan? (Assuming the NFCU fixed mortgage can actually be approved @ 5% down).
-SM
I agree 100%. The fees for FHA were ridiculously expensive to me so I turned it down. I'd rather the extra $225 be used toward paying the mortgage down rather than paying PMI forever. I decided to wait until I'm eligible for a conventional mortgage, I just hate I'm missing these interest rates. Definitely keep us updated.
Neither can I!
<mumble>stupid underwriter-guy not calling me anyway...hrmnrm</mumble>
-SM