where do we go from here

Posted by nannie on August 04, 2006 at 15:13:33:

In Reply to: Re: buying a home posted by Jim V on August 01, 2006 at 19:59:37:

: Credit impact from foreclosure is the greatest for 2-3 years after the foreclosure. If your son has re-established credit, events from 5 years ago should not have significant impact on his seeking a new home loan. He might want to submit a loan application with a mortgage broker, rather than an individual bank. Any potential issues can be discussed, and addressed, the broker will have the ability to shop the loan package for the best interest rate.

: My son had to forclose on his home in 2001 because of a divorce. Everything is ok now and he wants to buy a home. Is there any hope. We live in Ohio

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: : Credit impact from foreclosure is the greatest for 2-3 years after the foreclosure.  If your son has re-established credit, events from 5 years ago should not have significant impact on his seeking a new home loan.  He might want to submit a loan application with a mortgage broker, rather than an individual bank.  Any potential issues can be discussed, and addressed, the broker will have the ability to shop the loan package for the best interest rate.

: My son had to forclose on his home in 2001 because of a divorce. Everything is ok now and he wants to buy a home. Is there any hope. We live in Ohio




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