brokers are confusing me--- what do i do?

[sunshyne_828]

I recently visited with two different brokers in my area to see if i can get a loan.

1st broker:

told me my trimerger score is 556 and husbands is 615. she said something about getting a construction loan now and being put on the title of the land. (this is tract housing and home wont be built and ready for closing until june 04.) she said this would be easier to get us financed down the road for the home - this didnt make any sense to me but she said this way we need very little money down at closing. any idea what she is talking about? she also said something about going with FannieMae and having an "A-" rating....

 

2nd broker:

told me we should be able to go FHA at 1 yr 3 months post BK discharge because of husband's lay off in 2002 which led to BK - he has now been with current employer over 1 yr and i have been at my job over 3 yrs. he said we would have to save lots of money though as the price of home is $222k and FHA will only finance 194K in our area. he seems to think we will be able to get an "A" rating by that time for the interest rate. What do you think?

 

I really liked the first broker - she was very friendly but confusing.... the 2nd guy was all business but is recommended by the builder. i really doubt if we can save 28k by next june - possibly 10k but broker #2 said the FHA max loan amt might increase by then since it hasnt gone up in 18months and most homes are now selling in the low 200's here.

 

any advice at all would be appreciated...

 

and by the way willie, i am difinetely a CU fan as well as a bronco fan but it just so happens i married a guy from FL so now everything in my house seems to revolve around the gators and the buccaneers.

[sunshyne_828]

ok i called the 1st broker again for clarification... we really like her- she said that she only suggested the construction loan if we wanted to avoid the 3% downpayment. that isnt much of a problem so she said that she would get us a 85/15 if our scores are both above 600 at the time or we will need a 3% downpayment plus closing costs worse case scenery - so we can live with that.... :wink: