Valued Member
OBXFrank
Posts: 113
Registered: ‎09-03-2007
Re: Re building credit on my way to a home in Illinois
cwera,
 
I can't tell you a whole lot about exactly what a potential lender is looking for, as I've only been through it once.  But, I learned a lot about the process, and have a couple things I can point out that may help.
 
First, it's not as difficult to get a home loan as many people (myself included) were led to believe.
 
Next, while many people can probably offer bona-fide advice, it's only that.  The best way to find out what you'd be eligible for is to look.  If you're worried about inquiries, try getting a hard copy of your report and taking that to potential lenders.  I didn't, and (combined with other things I've done over the last couple years) have a TON of inquiries now that I'm sure are hurting me.  Now, my understanding is that most will still require their own inquiry, however, there's a trick to that, too.  Once you have your options somewhat narrowed down to who you want to go through, have them do their check around the same time.  The 3 reporting agencies allow a 14 day window where multiple inquiries for the purposes of getting a home loan will count as 1 inquiry, regardless of how many are done.  Also, it will not impact your score for 30 days.  Once you've shown them a hard copy of your report, and the myriad other information they require (check stubs, bank statements, etc), if they're saying they can offer you a certain rate given that information, you have nothing to fear.  If they can't offer you a loan, you don't have to worry about them putting an inquiry on your report.
 
Hope that helps!  Good luck...
Outer Banks Frank

"Success is nothing but luck...Just ask any failure!