I would like to refinance - after BK 7 charge more than 2 years. I want to go for 20-year rate, not 30 year fixed. Am I required

Due to your BK7 you have to go FHA, this means PMI is required. More information is needed to determine if this loan will have a benifit to you of if you should wait

You would have to have PMI. and go FHA. We should crunch numbers and see if with PMI and consolidating your loans if you could still save money. OR you would have to wait another 2 years for a Conv loan. You would have to ask your CPA if you can write off the PMI.Martha Platinum Home Loan

To know for sure the best way to go we would need to crunch the #'s for you but if you go FHA yes you will need to pay PMI.

It would depend on the loan. With FHA and VA it is only 2yrs. FHA now requires MI on all loans. If it's the choice the choice of waiting a year to purchase a house to avoid MI, get the house now. Don't wait. That year's worth of mortgage history on your credit will help your score a lot and then refi next year.

FHA is your only option wih a BK 7 discharge that is only 2 years out. In order to avoid PMI you should look into a portfolio lender program that will have slightly higher rate but no MI

Waiting period is two years with re-established credit for an FHA refinance and MI would be required. Conventional requires 4 years from discharge date unless there were extenuating circumstances that be can be documented (defined as a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations) that could reduce the waiting period to two years from discharge. Conventional would not require MI. Scott Senzig

Two years waiting period for FHA from discharge date with re-established credit. Conventional requires 4 year waiting period unless you can document acceptable extenuating circumstances (nonrecurring events that are beyond the borrowers control which are sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations), then the waiting period is reduced to two years from discharge. Conventional loans would not require MI as long as the Loan to Value is 80% or less. Scott Senzig

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