Financing in Midland>Question Details

Stephanie, Home Buyer in

we are postal workers relocating from sacramento ca to midland texas. we were victim to one of the income

Asked by Stephanie, Thu Apr 3, 2008

inflated home loan scams. we were able to short sale the home but in trying to avoid this our credit . we were trying to afford the $2400 house payment but to do this we were forced to use the money meant for other bills thus making us look really bad on paper. i need advice on how to rectify our situation. we would love to buy asap but i think it might be near impossible. if anyone could steer me in the right direction i would be so grateful. please help us become homeowners in midland. thanks

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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.
1 vote Thank Flag Link Fri Apr 18, 2008
My suggestion is to check with a local lender. When I say local, I mean someone like HNB Mortgage, Pioneer, Primelending or Community National Mortgage. At all costs do not search the internet for a lender. I can tell you many horror stories about clients that I have worked with that insisted on using an internet lender. It was a nightmare! After you have talked with one of the local lenders and know where you stand for getting a loan, call me. I will be more that happy to help you find a home in Midland.
0 votes Thank Flag Link Sat Oct 2, 2010
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.
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Thu Apr 17, 2008
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.
0 votes Thank Flag Link Wed Apr 16, 2008
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