First time home buyer has FHA loan question.?
I am planning on purchasing my first home. I would like to know how I should go about choosing a mortgage lender (broker?) who specializes in FHA loans. Where do I begin my search and what should I look for in a lender? Are there any particular websites I should search or keywords to look for?
Please let me know. Thank you.
Tags: Buyer, First, Home, Loan, question, Time
2011/11/06 at 22:37:17
Not all brokers/lenders are approved to offer FHA loans so that is your first step, find an approved broker/lender.
Here are a couple of things a first time buyer should consider.
1) Communication – You will need/want a banker/broker who will educate you about the entire home buying process. Someone who will take the time to explain all of your options and answer all of your questions in a straight forward manner. You want them to keep you informed and updated through out the entire process. You will drive yourself crazy wondering what’s going on with your loan without this!
2) Responsive – Does it take them 2+ days to return a call or respond to an email?
3) Interest rate and fees.- Are they competitive? You may pay a little more but if you receive this kind of service it will be well worth it.
2011/11/06 at 22:14:42
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2011/11/06 at 21:45:03
Bankrate.com – so you can compare mortgage rates.
All lenders can work with FHA.
One thing that a lot of people don’t do before looking for a house is look at their credit reports.
It is dissapointing when they get turned down for loans because they did not prepare.
Go to:
annualcreditreport.com
Reports are free – always have been.
Do not pay for the score – FHA does not even look at the score.
They will review your reports in detail and make their own decisions.
Print out all 3 reports for you and your husband.
1 in 3 people have errors in their reports.
Fix them by disputing any mispelling in your name or address corrections.
Do not ever close your oldest credit card account.
If you have any credit card debt – it needs to be paid in full ASAP.
Revolving debt is very harmfull to your credit worthiness.
It is 100% myth that carrying balances is good – simply a myth.
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