BK & Forclosure
- November 22nd, 2010
- Posted in FAQ
- Write comment
Hi can anyone help with a client that has a BK and Forclosure both closed in October 2010. House is rural located next to a national forest in PA. Borrower has excellent job history, mid credit score 612 but has only 3 reestablished lines all within the past 3-9 months. Thanks for any advise available
First Franklin has no seasoning on BK’s and 1 year seasoning on FC. You can get 90LTV, or an 80/20 combo (with First Franklin doing both the first and the second), with a 612 middle score. Par rates will be somewhere around 11% on a 30 year fixed, a little less on 2/28′s.
Check out a company called Southstar Funding. They recently told me of a 95%LTV bankruptcy discharged with forclosure less than 1 year old. Looking for middle credit score of 601 or better.