Bryce Johnson's Q&A

Since your mid FICO score is 620 or higher, you should be able to qualify because most lenders now require a minimum of 620 for your mid score. I would suggest you don't get that pulled too many times in the near future. What kind of BK did you have? FHA requires 2 years after discharge for Ch. 7, but each lender has their own specific overlays. Keeping your credit clean since your BK will help tremendously.As for your debt to income ratios, it sounds like you would be just fine. To get a real answer to these questions, I would suggest contacting a mortgage professional and have them review your credit and pre-qualify you. I am more than happy to help.

Go to www.makinghomeaffordable.gov Most of your modification questions should be answered there. And no, you don't need to be behind for this program.

I could rumble off answers to you, but your question is too broad. There are many other factors when determining what kind of loan a borrower is eligible for other than credit rating. What type of home (single family, multi-family, manufactured home...)What is the loan to value?What are your debt to income ratios?What does less than good credit mean? are there foreclosures, BK's, collections on your credit?I could go on and on, but I am more than happy to help if you have questions.

With the new making home affordable plan, you can refinance up to 105% of the value of your home. If you currently pay MI with you loan, you will still have it on the new one. If you do not have MI, then you will not have it on the new loan. It's possible you may have LPMI or lender paid mortgage insurance. This is not allowed under the new program. You can visit www.makinghomeaffordable.gov for more information.

In this market, lenders are almost always going to require an appraisal. If you are currently in an FHA loan, you may qualify for an FHA streamline which does not require an appraisal. There are new guidelines in place starting the first week of April that allows homeowners to refinance up to 105% of the value of their home. This does require an appraisal.

Under the new homeowner affordability and stability plan, you man qualify. home owner affordabilty and stabilityyou need to contact your lender directly and ask about the modification plan of this new act.

Loan level pricing adjustments are Fannie Mae pricing adjustments based on certain eligibility such as credit score and loan to value. Here is more info in detail https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdfKeep in mind, each lender makes up their own specific adjustments as well. Basically, you need to figure out how much your saving each month and what the total cost of the loan is and figure out your break even point to see if that makes sense.

The biggest part of that is the up front FHA fee of 1.75%.  The real question is, why didn't the mortgage professional you're working with explain this to you when they provided the good faith estimate

Depending on your credit and loan to value, try a line of credit in 1st position. Most banks will do a line of credit in 1st position for $50,000

I don't know how or why lenders get away with this and still continue to do business. Make sure you report it if it's a zillow lender. These people make it impossible to compete with.