08-06-2012 02:33 PM
I have posted before but not frequently and I could use some advice. I am so confused.
I am trying to get approved for a mortgage, my landlord is wanting to sell my current rental and I don't want to move too much since I have two young ones. Any way I had to short sell my previous home because of my divorce, the short sale will be 2 years old this November. My middle credit score as of today is 710 besides a 60 day late prior to the short sale my credit is perfect. I have been calling around to see who if anyone will give me a mortgage and every broker and bank I have spoken to have told me I need to wait 3 years from the short sale except for one. I have had contact for the last couple of months with a LO at a mortgage company that is through a local CU, he knows of my short sale. He recommended that I go through their preapproval online today and see what happens so I did and I was preapproved for the loan amount I was asking with 10% downpayment, 30 years at 3.75%. Is this too good to be true? I asked the LO what this really means and he said I can start looking for a house. I am excited but cautious. I don't want to get into a contract on a home and then during the UW be denied. Thoughts? Again he's aware of my short sale and this is a reputal company locally based.