Posted by JTodd on June 26, 2001 at 21:59:47:
Roy, I know that FHA guidelines look for two years out of BK in order to re-fi, but I’m not certain of the guidelines involved in getting into a VA.
Question for Mortgage Brokers - Posted by Roy
Posted by Roy on June 26, 2001 at 10:42:22:
How long after bankruptcy (chap.7) does a person have to wait to refinance a home mortgage from
F H A mortgage to a V A mortgage?
What are V A rates?
Thanks,
Roy
Re: Question for Mortgage Brokers - Posted by Kiersten
Posted by Kiersten on June 26, 2001 at 22:03:43:
Government loans require you be discharged (not when you started filing but you need your exact discharge date) for two years. Conventional requires four years. You need to look into the VA thing. I’m not seeing a benefit it getting a VA mortgage if you have an FHA mortgage. It’s cheaper and easier to do an FHA rate/term “rollover” refi than to start from scratch with a VA loan. I can’t really quote you a rate–different markets have different rates but I will say that points are NOT bad when it comes to refis. Have your lender run numbers at a rate with 0 points and a rate with 2 points and see the difference. I’d bet the second will be lower though your payoff (new loan amount) will be higher so you need to ensure you will be in the house long enough to recoup the cost.