You've asked this in 3 different variations so I'm unsure what you are actually trying to accomplish. If your mortgages total 380K with a value of 420K, you can refinance to an FHA mortgage. If your BK was discharged 2 years ago you may be eligible to do so assuming you meet the other criteria. An FHA refinance can be done in 30 days or less depending on other factors. You should find a loan officer in your area and discuss all the details of your transaction with them.... more
Your rate is based on your credit score. If your score is 640 and above you will not pay a higher rate. We have numerous FHA lenders (GMI is a banker) that offer credit scores as low as 580 on FHA mortgages. When the score is below the 640 there may be a slight adjustment in the rate. As for the mortgage insurance you will have to pay the mortgage insurance for 5 years. The mortgage must be a rate and term meaning that you will only be able to pay off your existing mortgage and the closing cost as the loan to value is 91.66%. A cash out would require a 85% loan to value.
For additional information please contact Camille Marotta 732-837-1102 GMI Home Loans, LLC... more
Your credit score and your loan to value will determine if you will go conventional or FHA. Most often after a bankruptcy FHA is the chosen lender. You will not be penalized rate wise for the bankruptcy but if the credit scores are under a 640 there may be a slight add on to the rate. We need to have all of the facts to be able to give you the most accurate advise. If you would like additional information or a no obligation appointment, please feel free to contact me.
Sr. Mortgage Originator
GMI Home Loans, LLC 732-539-9300... more