My wife and I are 48 days away from meeting our 2 year wait after our BK to apply for an FHA loan. I have already spoken with a broker through Sistar Mortgage, he took all our required paperwork and ran our credit 2 months ago and indicated we were good to go once June 26th hits. Our middle score sets at 680, and he is quoting a 4.5% interest rate at 0 points, or a 4.125% insertest at 1 point. Is this a good rate for our respective scores?
Additionally, my wife and I found a house we would like to make an offer on, but of course our closing timeframe would need to be delayed because we cannot submit our loan to the underwriter until June 26th. If all the stars align correctly, what is the quickest time I could close on the house after my loan is sumbitted and approved.
Check with your lender's internal policy and procedure regarding the timeframe of when you are able to apply for an FHA Loan.
I know some lenders want you to wait 2 years and 1 day prior to applying for a loan that they will approve and fund.
Without knowing the loan amount, it's difficult to say how much a 1 % Origination Discount will save you in the long run--typically it will though.