any mortgage lenders out there?

i'll give it a stab.

the builders ad is a gimmick. unless they are the lender.

you sound like you have credit issues ... do you?

you can get a FHA 3.5% down loan. you might be able to get the seller/builder to pay the down payment.

do you have a real estate agent? they can usually point you in the right direction.

if you and your wife qualify for a loan i wouldn't bring a co signer into it ... the rates are low enough as it is. if you need a co signer, then you need one.

the lender is bb&t bank.  yes you are right, we both filed bk a little over 3 years ago.  i know i can get an fha loan with a low percentage down which isnt a problem but we have a baby coming in about 2 1/2 weeks and would rather keep the cash since interest rates are so low right now.  the builder is giving $7500 towards closing and 10k for upgrades but plan on trying to get all closing costs and upgrades included for around 300-315k.  i do have a real good friend who is our agent and she will take care of us .  i was just thinking if we brought my inlaws in to co-sign, we would be able to qualify for more money and a better interest rate which is important to me for the long run.  figured we could always take the in-laws off the loan in the future.  was also wanting more info if anyone would know if my wife would qualify for the 1st time home-buyer prgm.  any other info would be great.

thanx detox!!!

you might need them to co sign if you had filed "bk" 3 years ago.

banks aren't really into giving people 315 grand when they see that you told another bank to fuck off 3 years ago. Esp with little or "0" down.

GL. i'd try to get a loan started asap. they take forever and they'll let you know if you need a co signer.

co-signer, fha, wrap as many costs into the mortgage as possible. imho.

we have already been preapproved on our own for 230k which wont buy you nothing in the dc area.  i filed bk because of a business i had that went under.  i know they take forever, even heard horrer stories where loans dont get closed at the table at closing because they want more money, info, etc.  just wondering whats the best route in our position...

you better believe that there's a difference between a "pre-approval" and the day you sign the papers for your new house.

this is one of the things that i don't understand. they dish out pre-approvals left and right and time is wasted with everyone invoved.

the only way you can know for sure is to pick a house and go through the entire process. then it gets to an "under writer" ... i've never met an "under writer" in my life ... have you??

it's mind boggling what a waste of time this system can be.

have you seen an underwriter before?

what do they look like?

mightie, why don't the underwriters get involved earlier? the "pre-approval" thing just waist everyones time. it should go like this.

this is all my info. can i buy it? yes or no?

if yes ... great.

if no ... what can i buy and what would i need down?

if you can't get any loan ... what do i need to do to my credit to get it to the point where i can get the loan thet i'm looking for?

Why does this process take 3 months and why in the answer at the end?

Yet they keep building and building and building......

And bronco, you have a kid on the way so you want to save as much cash as possible, yet you're looking at a way to borrow even more money?  Considering you've already filed bankruptcy twice, why the heck are you having a kid and buying an expensive house?  I'd be looking for something as cheap as possible and certainly not having children.

My gal and I bought at the end of 2004....right during the peak of the housing boom.  We would have qualified for about $600K.  She was like, "let's do it."  I was like "not a chance...you never know what can happen."  Well, we bought in the $300's and since then, she was unemployed for 10 months.....and I took about a 15-25% pay cut depending on the year (my income is strongly tied to the economy).

Because we were smart, we've been fine.  I just don't know why people continue to want to live on the edge.

MN's government shut down for a few weeks earlier this year.  They interviewed one gal who had 2 kids and another on the way.  She says, "well, we're going to really be in trouble if this thing goes another few weeks."  Are FN kidding me?  Got 2 kids and another on the way and you can't even get by if you lose your job for a month or two?  How irresponsible is that?????????

No wonder this country is going to crap.  Idiot people can't help themselves. 

Good luck but be smart about this stuff!

yup, much harder than people expect. it can be easy if you get lucky ... and get a good lender.

be easy ... why not buy a 3 family so that all 3 rents leave you + 1300 ... after the p+i, insurance, water, etc ...

then you're in the market when the market is low(imo) on the 3 family and you can use the 1300 to put towards rent.

Bronco, would you consider a 2 family? It might help you qualify for programs/loans because they will use 75% of the estimated rent you will be recieving ... that will all help with your debt to income ratio when the underwriter is looking at it ...