Hello;
My husband and I had a BK discharged 3 years ago, due to his employer filing BK and then not paying him, thus causing us to file BK. Anyway, we've done really good at rebuilding our credit and keeping on time payments even with some life events that happened. Currently my score is 726 range, and my husband is not far behind me.
My father in law purchased the house we're in, paying cash and we are doing a rent to own. He's given me until March to try and refi it into our names as he doesn't want to be the carrier of the loan indefinetly, which I agree.
We gave him 63k down, the purchase price was $315k, the property value right now is $340k and rising due to high demand from the Portland Oregon area in the town we're in.
My question is when I called Navy Fed the gal said i could "try" for a conventional loan, but they might not go for it even though we've never had any late payments even prior to BK, have a good score, and almost 90k in equity just due to the fact we have the BK and said for sure I could get an FHA, and then refi it after our 4 year mark, however if I'm looking to do this in Feb/March it sort of seems silly to FHA a loan to then refi it to conventional in the event Navy won't give me a conventional until 4 years out since 4 years would only be 6 months away from when I did this. Additionally as of right now 10/25/19 Nacy Fed is 90 days out on closing mortgages.
Are there other options I have with other lenders or what is the experience people have had with Navy not being 4 years out?
Our gross income come March will be $7,800, with car payments $800, rent $1600, and a loan $200. There are no other bills. I'm going to still work aggressively at increasing our scores as well and paying more to the cars/loan in the mean time.
I *COULD* try and see if my step dad would allow us to pay him a little longer. They aren't aware we filed BK and I'd like to keep it that way, just due to the way my mother will react, and my step dad can't keep his mouth shut. So, I don't necissarily want to ask him to allow us to pay unless I ABSOLUTELY need too.
Thank you for any suggestions!
