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Old 04-12-2008, 02:32 PM
 
1 posts, read 2,322 times
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i am looking for a jumbo loan of around $550.000. I have been discharged from bankruptcy chapter 7 for 2 years this last Feb. My credit score is 675 I have 10% down and need to close right away. I have been told that you now have to be discharged 4 years is this true... Can I get a loan with 10% down and no prepaid penalty for refinancing at a later date if so who can i go to that wont waste my time
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Old 04-12-2008, 06:17 PM
 
Location: South Charlotte
1,435 posts, read 5,220,197 times
Reputation: 486
Typically it's based on a two year discharge from everything I've been told and learned.

With that being said there is only one person that can answer your questions with the most accuracy due to their being too many other variables.

Have you contacted a mortgage broker?
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Old 04-13-2008, 03:55 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,316,456 times
Reputation: 1008
You may need more than 10% down. Most of the jumbo lenders I have seen require 20% down...



Quote:
Originally Posted by moses54 View Post
i am looking for a jumbo loan of around $550.000. I have been discharged from bankruptcy chapter 7 for 2 years this last Feb. My credit score is 675 I have 10% down and need to close right away. I have been told that you now have to be discharged 4 years is this true... Can I get a loan with 10% down and no prepaid penalty for refinancing at a later date if so who can i go to that wont waste my time
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