Mortgage rates after chapter 7

[Anonymous]

Curious how this works.
Had a chap 7 bankruptcy and trying to make sure we are in a good spot to buy.

Those who had chap 7 and bought house for first time AFTER...preferably 2 or 3 years after DC..
What were your rates like vs the lowest offered?

Do we automatically get a bump up a percentage or 2 because of the bankruptcy?

Ive tried calling places, but they want my social etc and i dont want a hard pull, im not buying now. I am just trying to understand more so we have a basic idea of what we are looking at.

Again chap 7 but no foreclosure or short sale on our record as we have never bought a house.

Have been rebuilding since DC and have no late payments

[NC_Mtg_Loaner]

Most banks will provide competitive rates at all times based upon your loan amount and program, credit score and the current market for mortgage rates.   There is no point or two bump up in rate for BK DC.

Today's rates are better than last years and tomorrow's rates could even be better than today, but it's all relative... 

[Anonymous]

Definitely. Just wanting to know how it goes a bit as we prepare. So if we have a middle score of 700 or 720.. we would be treated similarly to someone without a bk? No higher interest just because of the bk?

[JVille]

Are those Fico 9 Scores? Mortgage Scores are completely different. You need Fico 5, 4 & 2 for both (all) borrowers?
Plus depending on the type of loan you will have a waiting period of between 2 to 4 yrs.

[Anonymous]

I was quoted what I think is a normal rate 3.75% for FHA . I close in April so hopefully it sticks. I’m two years post DC.as long as you don’t have any negative marks and have the right DTI you’ll get whatever the rate is for FHA. Don’t know how it works after 4 years with a conventional loan

[heatblaze2010]

What kind of APR did you get ? They seem to be higher for FHA

[Anonymous]

4.5 APR . FHA includes the MIP, PMI, that’s probably why you see FHA APR is higher than conventional.