Great LTV but prev bk -Portfolio Lender vs FHA

[Anonymous]

Hi - 

I'm new to the forum so excuse my lack of all those cool acronyms!

My situation:

CH7 bk dis. 3/16

No derog since. Re-established with a perfect auto loan, and two cc with <5% utilization. No other debt

Kept house (not reaffirmed)

Approx value 325K

Owe 128k on first and 52k on second. Total owed - $180k. total payments are $1800

Total HH income is $96k. 16 years at the residence

I need to refi with the objective of a lower payment. no cash out.

current 3b 670

My understanding is that I am limited to FHA being only 2 yrs post bk and the require pmi regardless of equity position. I have been quoted $7900 in closing costs, 0 points @ 4.5% and a payment of $1550 for 30yr fixed.

My question is should I be looking at a portfolio lender since the equity position is good? LTV is 50-55%. Are portfolio loans the same as hard money loan? With FHA the monthly pmi I was quoted is $250+/mo. I am looking for a short term fix and after 4 yrs post bk I can refi to a conventional if necessary. Would looking into an ARM be beneficial?

I am just looking for some solutions to lower the payment. Surely with the LTV I can find a structure that works.

[NC_Mtg_Loaner]

What about the 15 yr FHA loan?

Sure it still has the UFMIP, but your monthly PMI will be half the rate of a 30 yr loan and your payments will likely still be less than you pay now and the equity that you continue to generate will be accelerated in comparison to the 30 year ball and chain.

[me12345]

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@Anonymous wrote:

Hi - 

I'm new to the forum so excuse my lack of all those cool acronyms!

My situation:

CH7 bk dis. 3/16

No derog since. Re-established with a perfect auto loan, and two cc with <5% utilization. No other debt

Kept house (not reaffirmed)

Approx value 325K

Owe 128k on first and 52k on second. Total owed - $180k. total payments are $1800

Total HH income is $96k. 16 years at the residence

I need to refi with the objective of a lower payment. no cash out.

current 3b 670

@Anonymous understanding is that I am limited to FHA being only 2 yrs post bk and the require pmi regardless of equity position. I have been quoted $7900 in closing costs, 0 points @ 4.5% and a payment of $1550 for 30yr fixed.

My question is should I be looking at a portfolio lender since the equity position is good? LTV is 50-55%. Are portfolio loans the same as hard money loan? With FHA the monthly pmi I was quoted is $250+/mo. I am looking for a short term fix and after 4 yrs post bk I can refi to a conventional if necessary. Would looking into an ARM be beneficial?

I am just looking for some solutions to lower the payment. Surely with the LTV I can find a structure that works.

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The problem with most portfolio lenders is that most still go by Fannie & Freddie guidelines and wont do the BK at 2 years..  and a Portfolio lender that will do it based on equity, will have a high rate (Like 7-9%)  and you payment wont be any lower.

Thanks,

[me12345]

Also, that MIP sounds too high.

The MIP for your situation should only be .80% of the loan amount, and then divide by 12 for the monthly amount...so it should only be about $125.00 per month....I would check on that quote again.

Also, if this is only going to be for 24 months or so, you don't want the costs to be more than the total of the 24 months savings.

Thanks,