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I filed for chapter 7 six years ago. I now how a good job $90k yr and a credit score of 725

Can I refinance my home for $190k 15 years. Estimated value of $235k I have never missed a payment on my home even through the bankruptcy. Before I formally make a decision and apply I would like to get some what ifs answered. I am single. by ajparadiso285 from , California. Dec 13th 2015 Reply


Did you re-establish any new credit after Chapter 7? And what was the reason that you filed...The waiting period is 4 years from discharge or dismissal date.Was this your only time that you filed.The value verse mortgage balance keep to 80%, anything over mortgage insurance would come in play. Credit is fine. Its best to talk to someoneCall me and I'll be more than happy to help you.Susan LedinghamLedingham MortgagePhone:650-352-5656

Dec 14th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

You should not have a problem.. Conventional guidelines require 4 years after a BK before you can apply.. so you should be good there.. and although we would need much more info to properly advise you.. the info you have provided does not disqualify you.. Decent credit score, good income and close to 20% equity.. you should be fine.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 14th 2015
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Larry Gray (lgray_312_247)
#593 ranked lender in California - 1,139 contributions

In regards to those "what ifs" being answered, speaking with a Broker or Mortgage bank rep. over the phone or communicating thru email can help you to see where you currently stand in qualifying as well as address each one of your "what if" questions. You certainly sound as though you have a good chance of qualifying with that credit score. We look at several factors in qualifying, with credit score being only one. Your current home value & credit score certainly suggest you have been on the right track and likely could qualify for that 15 year fixed conventional loan!

Dec 14th 2015
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