Interest rates for past bankruptcy buyers

[alicia]

I asked this question in the "Ask the Manufactured Housing Expert" list under the subject "Bankruptcy" before I realized there were more lists.
My husband and I wish to buy a mobile home/land package and want to be sure we get the best financing available as we have filed for bankruptcy in the past. The case was discharged 3 years ago this past February. We have re-established good credit since then and have no debt whatsoever. I contacted a salesperson with Oakwood homes yesterday and he said we would be looking at an interest rate of between 7 and 11 % depending on our wages, etc. Is this realistic? We live in NW Florida. Thank you for any info and/or advice you may be able to provide.

[rmurray]

Your rate has little to do with your wages....Does it make sense that they will charge more to poor folks and give the rich the lower rates...All that matters is credit...
Most mortgage companies require that bankruptcy be over 2 years ago....Some require 4 years...and you must have built a good record since..and NO credit problems since...

It is possible if all you say is exact...that you could get about 6.75% today...the absolute worst case should be no more than 7.25% FHA.....You can actually buy FHA while IN Chapter 13 bankruptcy with only 1 year of payments complete...

Watch the closing costs...The best loans have 1% origination fee and 0 discount points.....this is where loan brokers bunp credit scared folks like you badly...Hold your ground..you will get a loan on these terms...

If you have not already done so....you should get copies of all three of your credit files....Even though once a bankruptcy is completed...former lenders have no right to try to collect.....bad ratings still show up...also older rough ratings often are still there...You will probably have to dispute some entries that are in error....Virtually every credit file I have seen after a bankruptcy has problems...This process will take about 60 days...so you should start this now...You can order your Free files from all three credit b's online....If I were you...I would do that right now..

Good Luck