Profile picture for John Moran

John Moran

Confirmed Lender

Loan Officer, NMLS#, Arizona (14 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
Conforming Mortgages

Advice

  • (325 Contributions,
  • 11 Best Answers,
  • 48 Helpful)

Contributions are sorted newest to oldest.

Can you do a HARP refi with a bankruptcy and credit score of 640?

Answer

The credit score doesn't seem to be an issue (that lender may have had a guideline overlay for higher scores, but Fannie is ok with 640). Here's Fannie Mae's take on the collections (directly from their selling guide):Past-Due, Collection, and Charge-Off of Non-Mortgage AccountsAccounts that are reported as past due (not reported as collection accounts) must be brought current.For one-unit, principal residence properties, borrowers are not required to pay off outstanding collections or non-mortgage charge-offs—regardless of the amount.Note: If the lender marks the collection account Paid By Close in the online loan application, DU will issue a message in the DU Underwriting Findings report stating that the collection must be paid. It certainly seems like it is worth having another lender take a look at it. Reach out to one of us here and we'll be happy to help. 

  (0)
Can you do a HARP refi with a bankruptcy and credit score of 640?

Answer

The credit score doesn't seem to be an issue (that lender may have had a guideline overlay for higher scores, but Fannie is ok with 640). Here's Fannie Mae's take on the collections (directly from their selling guide):Past-Due, Collection, and Charge-Off of Non-Mortgage AccountsAccounts that are reported as past due (not reported as collection accounts) must be brought current.For one-unit, principal residence properties, borrowers are not required to pay off outstanding collections or non-mortgage charge-offs—regardless of the amount.Note: If the lender marks the collection account Paid By Close in the online loan application, DU will issue a message in the DU Underwriting Findings report stating that the collection must be paid. It certainly seems like it is worth having another lender take a look at it. Reach out to one of us here and we'll be happy to help. 

  (0)
Can you do a HARP refi with a bankruptcy and credit score of 640?

Answer

You can definitely do a HARP refi with a 640 score, the bankruptcy will depend on the discharge date. When was it discharged and what type of bankruptcy was it (7 or 13). How far underwater are you?I'm local here in the Phoenix area if you want to reach out through my profile for a more in depth discussion.  

  (0)
Can you do a HARP refi with a bankruptcy and credit score of 640?

Answer

You can definitely do a HARP refi with a 640 score, the bankruptcy will depend on the discharge date. When was it discharged and what type of bankruptcy was it (7 or 13). How far underwater are you?I'm local here in the Phoenix area if you want to reach out through my profile for a more in depth discussion.  

  (0)
After a Foreclosure I have a 710 credit score waited 4 years why can't I get a conventional loan?

Answer

Hi conniebeckett,The standard waiting period for a foreclosure on a conventional loan is 7 years. Fannie Mae does allow for a 3 year waiting period if extenuating circumstances were involved and they can be documented. I will caution you that the extenuating circumstances exception can be difficult to qualify for and document, though. To qualify for the extenuating circumstances exception, you would need to put down 10% and you can only purchase a primary residence (no cash out refinances are allowed for all occupancy types).  Beyond that, your options would be an FHA loan or a portfolio product of some sort. I do have a portfolio loan that allows for just 3 years from foreclosure, but it would require 30% down with a 710 credit score (20% with a 720).   Please feel free to reach out through my profile for a more in depth conversation. I'm local here in Arizona and happy to help.  

  (0)
Refi my FHA Arizona Loan

Answer

Hi SevenTrumpets,I'm local here in Arizona and would be happy to help. My rates should be lower than Quicken as well. 

  (0)
Question on Work History

Answer

If both jobs are in the same industry or you had similar positions, you should be just fine as far as work history is concerned. Feel free to reach out directly to discuss further. I'm local here in the Phoenix area.

  (0)