Much Needed Advice Please

[Ann]

Hi All,

It has been a long time since I have posted here but as usual I need the advice of all you great people. Thinking of selling my home. I now have a nice little chunk of equity and would like to purchase another. However, I need to first sell what I have to have a down payment on my next. Since I am discharged 2 1/2 years I know my options are limited. I have heard it would be a good idea for someone in my situation to find a good mortgage broker who could find me a mortgage given my past circumstances. Is this the first place I should go? I was thinking of going to my credit union but I do not believe them to be very "bk friendly". I want to be sure I would even qualify for another mortgage before putting mine on the market. If I do go through a mortgage broker does anyone know how expensive they are? Thanks to all you respond. I wasn't sure where to post this so forgive me if it is the wrong place. Thanks again! Looking forward to hearing some much needed advice.

[InOverHead]

I think it's 3 years before you can qualify for another Mortgage after BK. A broker shouldnt cost much more than anyone else, just get a GFE and look at the fee's - there may be an extra $250 for processing/administrative charges or something bust basically your rate is going to come down to your credit history, down payment, etc...

You can plug all your info into one form at a place such as lending tree, put in the BK details and see who calls/emails. Think your best bet is with a credit union though...Good Luck!

[Ann]

Thanks InOverHead for replying! Is is it 2 years FHA and 3 or 4 years conventional? Also, are the terms different such as when I can apply for a mortgage with a credit union versus going to a bank or mortgage company? I guess I'm asking if I would be able to get a non FHA loan without waiting the 3-4 years with the credit union? Thanks again!