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I would like to refinance - after BK 7 charge more than 2 years. I want to go for 20-year rate, not 30 year fixed. Am I required

to pay PMI. Is it possible that I find a loan without paying PMI. Will PMI be written off? Do I need to wait another year for a conventional loan?I have 135,000 mortgage and 65,000 2nd mortgage, for my house is valued almost 300.000.I live in California.Please advise.Thank you. by andrea_124_437 from Whittier, California. Apr 7th 2013 Reply


Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

Due to your BK7 you have to go FHA, this means PMI is required. More information is needed to determine if this loan will have a benifit to you of if you should wait

Apr 8th 2013
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Martha Rodriguez (Mrodriguez)
#694 ranked lender in California - 5 contributions

You would have to have PMI. and go FHA. We should crunch numbers and see if with PMI and consolidating your loans if you could still save money. OR you would have to wait another 2 years for a Conv loan. You would have to ask your CPA if you can write off the PMI.Martha Platinum Home Loan

Apr 7th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

To know for sure the best way to go we would need to crunch the #'s for you but if you go FHA yes you will need to pay PMI.

Apr 8th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

It would depend on the loan. With FHA and VA it is only 2yrs. FHA now requires MI on all loans. If it's the choice the choice of waiting a year to purchase a house to avoid MI, get the house now. Don't wait. That year's worth of mortgage history on your credit will help your score a lot and then refi next year.

Apr 8th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 198 contributions

FHA is your only option wih a BK 7 discharge that is only 2 years out. In order to avoid PMI you should look into a portfolio lender program that will have slightly higher rate but no MI

Apr 8th 2013
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Scott Senzig (ssenzi_800_606)
#620 ranked lender in California - 2 contributions

Waiting period is two years with re-established credit for an FHA refinance and MI would be required. Conventional requires 4 years from discharge date unless there were extenuating circumstances that be can be documented (defined as a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations) that could reduce the waiting period to two years from discharge. Conventional would not require MI. Scott Senzig

Apr 8th 2013
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Scott Senzig (ssenzi_800_606)
#620 ranked lender in California - 2 contributions

Two years waiting period for FHA from discharge date with re-established credit. Conventional requires 4 year waiting period unless you can document acceptable extenuating circumstances (nonrecurring events that are beyond the borrowers control which are sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations), then the waiting period is reduced to two years from discharge. Conventional loans would not require MI as long as the Loan to Value is 80% or less. Scott Senzig

Apr 8th 2013
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Private Money / Commercial Money LendingWaikoloa, Hawaii 96738Office Phone: 808-883-2747E-mail: J@KalaLending.comBusiness Description: We offer multiple types of funding starting at $100,000 and up, no maximum: * Commercial Real Estate Loans * Bridge Loans * Multi-Family * Office Buildings * Industrial * *Hotel / Motel Financing * Medical * Assisted/Independent Living * Warehouses * Franchises * Convenience Stores *Restaurants * Project Finance * New Construction * Equipment Leasing * Stock Loans * Portfolio Liquidations * Private Equity * Joint Ventures *Working Capital * Project Finance *Oil and Gas Financing *Renewable Energy Financing * Gold Mines *Churches*Credit Lines *Proof of Funds *Bank Instruments * Bulk REO's * NPN's/PN's

Apr 8th 2013
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