Don't be overly anxious about this. The worst a lender can do is say no, but that's not likely. You can believe that they know what's been going down, and a lot of other good credit risks have fallen victim to ill advised financing decisions or predatory lending schemes.

If you have a steady income and had a good credit rating before the current hardships, it makes a big difference in reestablishing your credit. The most likely scenario is that you may need to pay a higher rate.

Check out the current rates on my Web site to forearm yourself with the knowledge of how a lender's offer compares to the best rates available. Then use the link to the Bankrate.com search to find some lenders, and shop around for what you can get. Don't forget to talk to your own bank's mortgage loan department, and call around to some local mortgage brokers too. When you contact them, ask that they pre-qualify you.

Please let us know how things work out for you.

Fri Apr 18 2008, 08:32

The good news is that you were able to do the short sale, so you won't have a foreclosure on your record. How bad is your credit score? do you have any money saved up? You may want to look at an FHA loan which doesn't take into consideration the credit score. Have you applied for a loan and were turned down? Do you know what your credit score is? and how much debts do you have?

Do you have VA eligibility? We just closed on a client on Tuesday on a VA loan and her credit score was 540.

Thu Apr 17 2008, 17:39

What post office are you transferring to? My husband works in the PO here. You will get way more house for your money here. Have you tried to check with mortgage companies to see if they will overlook or loan with higher rate? They do that many times.

Wed Apr 16 2008, 15:09