With RPM, for Chapter 7 BK's, there is a 4-year waiting period from date of discharge or dismissal.
For a Chapter 13 BK, there is a 2-year waiting period from discharge and 4 years from dismissal.
If your property is in Walnut Creek and not Sacramento, then your jumbo-conforming loan limit would be $625,500 and your transaction would be considered conventional/conforming and not traditional jumbo.
We are headquartered in Alamo, so let us know if we can assist.
Would you mind telling us what your current rate and payment is? Or are you looking for cash/debt consolidation as well? That will help us tell if there is anything out there that can benefit you right now.
Thanks for the opportunity to discuss your options, KJ.
Senior Loan Consultant - 17 Years Experience
You should be able to FHA now. The downside to that is that you will have PMI on that loan regardless of the LTV and also you will pay a 1.75% funding fee.
My advice is to hold off until you can go conventional or even jumbo. Even if the rate is higher than FHA, the rate difference will be offset by a lack of MI.
Feel free to give me a call and we can review your options and set up a game plan.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078
With that LTV some lenders will make an exception on the time.
I am no longer a loan officer myself, I am a trainer and consultant.
Here is the name and number of the Loan Officer I would recommend.
He will be able to answer all your questions.