Personal question about DVC financing

[phorsenuf]

I have a question for anyone who may know. If you don't want to answer, I totally understand, or you can PM me too.
My husband and I had to file bankruptcy a year and a half ago (long story, didn't want to do it, only solution). Anyways, things of course have been good since then. We would really like to buy into DVC but we don't know if we could get financed or not. Does anyone know? Has anyone been in this situation and got approved? I really appreciate any insight. We don't want to get all the way through the process and find out it can't be done. If it can't, we won't even try. Thanks so much!!!!

 

[ZerasPride]

I can answer part of your question. We didn't want any surprises when we applied for DVC financing so our guide was kind enough to pre-approve us for a certain number of points (way more than I felt we could afford even with a monthly payment but it was still good nonetheless to know we could qualify for so many). We ended up purchasing 170. The process was sort of like getting preapproved for a home loan. You know what you can afford before you go out and start looking at all those nice homes than you find out later they are out of your price range. That would be a disappointing experience.

Anyway, like I said, it is possible to get preapproved (short, relatively painless application that can be faxed to the DVC offices). We got a response in less than 24 hours if I remember correctly. Hope this helps and hope to welcome you home soon!

 

[phorsenuf]

Originally posted by ZerasPride
I can answer part of your question. We didn't want any surprises when we applied for DVC financing so our guide was kind enough to pre-approve us for a certain number of points (way more than I felt we could afford even with a monthly payment but it was still good nonetheless to know we could qualify for so many). We ended up purchasing 170. The process was sort of like getting preapproved for a home loan. You know what you can afford before you go out and start looking at all those nice homes than you find out later they are out of your price range. That would be a disappointing experience.

Anyway, like I said, it is possible to get preapproved (short, relatively painless application that can be faxed to the DVC offices). We got a response in less than 24 hours if I remember correctly. Hope this helps and hope to welcome you home soon!

Can this be done before we even go? I wonder if I can call them and see if I could get pre-approved. Is that how you did it?

 

[Terry S]

My parents had to file bankruptcy a few years back and when they applied for DVC financing they were initially going to put 20% down. DVC came back to them and told them they would approve them if they put an additional 10% down for a total of 30% down payment.

 

[ZerasPride]

In answer to your question, yes. I called my guide and asked about getting pre-approved. He faxed me the application. DH and I filled it out and faxed it back. It was painless really but I would have hated to have wanted say 300 points and only be able to be approved for 200 or something like that. Even if with your credit history they want more of a downpayment, I'd rather know that up front so the pre-approval should help with that as well. No surprises. That's how I like things!

Again, hope to welcome you home soon! We love our DVC and I do wish we had a few more points but that's a discussion for another thread.

 

[jel0511]

I've never dealt with DVC financing or even having a bankruptcy. I do deal with mortgages, which is exactly what a DVC loan is. For anyone trying to get any type of mortgage their bankruptcy had to have been DISCHARGED for a minimum of 2 years. I don't know if DVC has that same type of rule, but it is possible. It sounds like that's what TerryS's parents were in, since she said it had been a few years since their bankruptcy. Also, I'd be almost certain that DVC would require a higher down payment, just like TerryS's parents. If you're willing to pay the higher downpayment, it can't hurt to call ans ask about the preapproval. Just call 1-800-800-9800 and they will put you in touch with a guide. The can get the pre-aproval process done, before you go down to look.