Land Home loan with bankruptcy?

Edwards Finance > Loans

Q. How difficult is it to get a decent rate on a land home deal when a bankruptcy is involved? We've been "pre-approved" for a loan through a mortgage broker, but was told that we need to get a construction loan to buy the land and get it improved before the dealer can set the home and before the permanent loan will go through. The interest rate listed on the pre-approval is 11.65% with 5 points. Is there a better deal somewhere or is that about average with a recent (about one year) bankruptcy?

A. Are you in Chapter 13 now or has your bankruptcy been discharged??/ If so when... The rate seems very high and the points are much too much...There are programs for those in current bankruptcy with equity that have rates about 9.5% with 3 points of less... How much real equity is in your loan...??? Also be very careful of prequalifications..They mean nothing more than the broker saying that he "thinks" he can get this done...Remember all loans are dependent on appraisal...Some approvals are for 70% or less...This means you would have to have 30% down...Lots of money..

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