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[quote=Anonymous][quote=Anonymous]We need to sell our house and move to another for proximity to our jobs. We’ve been in our current house for more than 10 years and have a perfect mortgage history with our credit union lender. Unfortunately, due to a long period of unemployment that ended 6 months ago, our credit is not good. Even though we were never late with the mortgage and have caught up on all other debts, including paying off some medical debts we incurred, our credit is not bouncing back very quickly. By selling the house we’re in, we will be able to pay 30-40% of the purchase price for a new home but will need a mortgage to cover the rest. Given our established good history with the credit union that holds our current mortgage, are we likely to be able to get the mortgage we need to buy a new house after selling ours? Secondarily, are we more likely to get the mortgage we need if we sell ours first and then apply for preapproval or can we go ahead and apply for preapproval so we can buy/sell almost simultaneously?

I think it would take a couple of years for our credit scores to creep back up to where they were, and we just can’t stay where we are that long. We each have a nightmare commute and would really like to move at the beginning of summer. [/quote]

If you have a relationship with someone in the credit union, yes, you'll have an easier time of it than just going through underwriting with some bank. HOWEVER, you will probably pay higher interest rates to compensate for risk and things may move more slowly.

Have you considered just renting for the first couple of years? It's a good idea to do that anyway when you move to a new location. You can use the rental period to reestablish credit.[/quote]

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