Thanks for your post & congratulations on your decisions to purchase a home. The first part of home buying is getting APPROVED by a Lender who has done their due diligence as to your ability to repay the loan and not cause you financial harm. We here at The Federal Savings Bank would like to introduce you to our H.E.LP.P Home Loan Purchase Program where we underwrite and approve your credit income and assets without a specific property. We will then issue a letter of commitment to lend based on the selected property meeting the underwriting guidelines. This letter lets sellers and Agents know you are serious qualified buyer and they will be more enthusiastic to work with you.
We are the Nation only veteran-owned, federally chartered bank with a focus on educating customers about the mortgage process and providing opportunity for home-ownership. We have complete control of the entire Lending process with the ability to lend in all states.
I recognize that you are very busy, so I am only asking you to spend 6 minutes with me to discuss your needs so we can determine if we can be of service to you. After answering just a few simple non-credit related questions (I do not need to pull your credit report in advance) I will be able to email you some options that will allow you to immediately determine if we are the right choice for you and your family.
I look forward to working with you to make your dreams a REALITY.
The Federal Savings Bank
Since it is considered another debt/loan, you might want to get the professional opinion from a bank and see how it can or may affect you. The bank will give you advice and let you know what could happen when you do apply for a loan in the future for buying a home. Most banks do need to check your credit history and see if it okay to approve for a loan and some bank don't check credit, but it is rare.... more
Go to a lending agency or a financial institution such as a bank and apply for pre-qualification and then the mystery will be solved. You will not only know if they will lend to you but how much they would be willing to lend so you can start looking at houses in that price range!... more
It really depends on several things. 1st you said you filed about 5 years ago. How long has it been discharged? It needs to have been discharged for at least a couple of years. 2nd How has your credit been since it was filed and discharged? Your credit from that point has to be really really good. Have you gone to one of the credit reporting sites to check out your current credit report and credit scores? If not you might want to. Your work history may play a factor as well, as it does in anyone applying for a mortgage. My suggestion is to get with a local mortgage lender and have them prequalify you for a loan. Several of them in our area are really good at helping you work on your credit issues to get it up to where you need to qualify for a mortgage loan. I guess what I am saying is that It can be a problem but it also can be overcome if the right things are in place. One thing that I have learned, being in the Real Estate Business as long as I have, is that you can get your credit straight, but you have to be pro active and make it happen (it is really not that hard). It will not happen on its own. I have worked with a lot of people that had pretty bad credit issues and within a year or two of really working on getting it straight, they were able to buy the home they dreamed of. If there is a problem that cannot be overcome there may be some rare but does exist sometimes, is owner financing properties and or private mortage money out there. Most of these will have higher interest rates, higher downpayment requirments and other strings attached. I would really try to go with the standard mortgage financing through a good lender first. Good luck.... more