I was talking with a nice woman last week about buying a home after she and her husband had a foreclosure and her husband had filed for bankruptcy. She had met with a local real estate agent and the real estate agent had correctly suggested that they meet with a lender to find out about their ability to get a loan to buy a home. I usually do recommend meeting with at least one lender even if you are buying using one of the six main creative strategies that you still at least know what traditional financing you can qualify for now and what you will likely be able to qualify for with a little time and effort. Knowing as much as you can about your ability to borrow gives you a much stronger negotiating position and additional flexibility in what you can offer to the seller or accept from the seller with counter-offers.
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In this particular case, the woman and her husband talked to the lender and the lender gave them some information about their ability to get a loan. The lender told them that they would be able to get a loan in the future with just a slight improvement in their credit score and the passage of a little more time since the bankruptcy filing. While not the best news, it was good information to have. Unfortunately, it was also taken as the final word about their situation.
One lender's opinion about your ability to borrow is just that... one lender's opinion.
It does not mean that you cannot get a loan from another lender. It does not mean that your credit score is not good enough to get a loan from a completely different lender. It does not mean that another lender would have different lending criteria relating to your bankruptcy, short sale or foreclosure.
The more lenders you speak with the more confident you can be on the options that are available to you, but unless you talk to every single possible lender you can not have 100% certainty. If you are looking for a good idea of the number of lenders to speak with before feeling like you've made a good try of it, consider talking to 12 lenders that have been referred or recommended to you by someone you already know, like and trust. This should take a full day of effort--a small price to pay for possible saving yourself thousands of dollars per year. If you are calling lending businesses from a public source like a phone directory or web based list, you should call 24 to feel like you've made a strong showing.
Not only does the criteria vary from lender to lender, but criteria to lend varies over time with the same lender. In January, a lender may not have any loan programs for borrowers with credit scores below 620. In February, the release a new loan program that caters to borrowers with credit scores below 620.
In conclusion, talking to one lender does not give you a comprehensive picture of what is entirely possible for you. It gives you one lender's opinion of what they can do for you based on their current lending criteria. The more lenders you speak with and get opinions from the more confident you can be in having correctly evaluated your options, but no matter how many you speak with you can still run into the one exception that may have a program were they are willing to work with you.
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