720-319-1153 [email protected]

Frequently Asked Questions (FAQs)

Ask us any questions related to buying and refinancing your home.

Can I get a loan to buy a house if I had a bankruptcy?
Yes. Whenever two years have passed after having been discharged or three, if it included a house in bankruptcy (In the case of chapter seven). It is advisable to start working on re-establishing your credit as soon as the bankruptcy is approved.
How long do I have to wait to qualify again if I had a "short sale" (short sale) or a "foreclosure" (auction)?
Usually 3 years, if you had a conventional credit. If you had a government loan (FHA), it is usually a few months longer due to an additional process that takes the payment from the government insurance to the bank that made the loan. This term varies from one client to another.
Do I need to have credit to buy a house?
It is ideal, unless you are qualifying with someone else who has a credit history.
Do I need to have perfect credit to buy a house?
No. The government loan is geared for first time buyers and offers flexibility even for people whose credit is not excellent.
What are alternative credits and what are they for?
They are those who do not report to credit agencies (bureaus), such as cable, cellular, insurance, etc., but they help supplement their credit history when they do not have the traditional credit (such as credit cards, car loans or credit cards) house, etc.
I have collections. Do I have to pay them to get my loan?
It depends. At the discretion of the bank that grants the loan, in some cases it does not demand it, especially when it comes to medical collections. It varies from client to client.
Can I buy more than one house?
Yes. For your primary residence you can get an FHA loan. Usually for a second, third, etc. property you must obtain a conventional credit and the rating will depend on your economic ability to make payments, in addition to placing a down payment of at least 20%.
I receive pension or compensation for being disabled. Can I qualify to buy a house?
Of course. You have the same right and opportunity as any other person. It is generally requested that you have been receiving your compensation for at least one year and that you will continue receiving it for at least the next three years.
Can I include the income I receive for child support in my credit application?
Yes. The important thing is that you will receive at least three years after the date of purchase of a home and that it is supported by a court document.
I signed as co-signer to buy house. Does this affect me to buy another one for me?
No. As long as it can be demonstrated by copies of 12 canceled checks that the other person is responsible for making the payments.
Ark-La-Tex Financial Services

Copyright © 2011-2023 Colorado Info Préstamos
Dagoberto Urdinola, Branch Manager – Loan Officer (720) 319-1153
Oficina: 7900 East Union Avenue #1100, Denver, CO 80237 - NMLS # 301060
Ark-La-Tex Financial Services, LLC / NMLS # 2143
Equal Housing Opportunity / Regulado por la División de Real Estate / All Rights Reserved.

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