Thank you for a reply. I most definitely looking into it. My discharge took over six years ago with no late payments ever since. My LTV is about @ 67%. Income is low to qualify to refinance on my own, but wonder if it is doable via income of my partner through HomeReady program (as long his credit score is not taken into consideration). As well, is it possible to add all refinance charges to a new loan? What rate can I get for 20 year or 15 year loan? Present balance is $232,500. Value is around $363,000. Combined income is $120K. In addition, my loan was not reaffirmed and went through HAMP modification 7 years ago with no principal reduction.Hi Delta97,
I'm so sorry for the late reply, I was out of the office yesterday and just returned today. The Fannie Mae HomeReady program follows conventional guidelines for BK which is 4 years post the discharge.
If you would like to go over details I would be happy to do that and discuss goals.
His credit score would unfortunately be taken into consideration, we would use the lower of the two borrowers middle credit score. We can always run a simulator on his credit to determine what may need to be done to improve the score to qualify.
I would need more information to give you an accurate rate quote:
Property Type:
Occupancy Type:
Borrowers middle credit score (I can use 679 if you'd like):
With you receiving a loan mod, that will not impact your eligibility or with the property being included in bankruptcy. The new loan will however not be in bankruptcy protection any longer.
I also cannot provide a rate quote on the forum, please e-mail me at [email protected]
If you use him as a non-occupant co-borrower than you're correct his score wouldn't be taken into consideration.
Here are the guidelines on that:
• Non-borrower household member income allowed as compensating factor supporting high DTI in DU.
• Non-occupant co-borrowers are allowed for qualifying purposes. Max 95% LTV.
I'm assuming you're doing a 15 year fixed as well to get the 3.5%? That's about market rates depending on your scenario.
Be very careful if someone is offering you that rate on a 30 year fixed as it looks like a very large amount of points would be charged. I would hate for you to be in a situation of bait and switch.
Thank you Erik for checking.Honestly you're looking at approximately 4.25% on a 20 year fixed with a 679 FICO. It's almost 4% with a 680 FICO.