Real Estate Investor · Richmond, VA · Member since 2013 · 22 posts · 0 votes
Where do I prequalify for a FHA loan?
I went to this site http://www.fha.com/prequalify.cfm and clicked "Start Now". Then I answered all the questions. At the end of the process they told me that they would email me when they find someone to help me see if I pre-qualify for and FHA loan. It's been a week and no one has contacted me.
Can't I just go to a bank to see if I qualify? Isn't this suppose to be easy? Where can I do this?
I went to this site http://www.hud.gov/ll/code/llslcrit.cfm, but my criteria found nothing.
I search a 60 mile radius from Richmond, VA and selected Title II, Multi-family servicer originator (I don't know what that means), and multifamily originator only.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
13y
Most major banks and mtg co.s do FHA. Try to find an FHA Direct lender, but it's not necessary. You want them to be complete, including your tax returns, not just W-2's, and all related info. You'll want the DU(desk underwriting) report in addition to the PreApproval (not prequalify) letter.
Real Estate Investor · Richmond, VA · Member since 2013 · 22 posts · 0 votes
13y
@Paul Cordero
I'm currently looking at an older house and was approved for $150,000 conventional, but the seller told me he wouldn't do the deal unless I got FHA 203K. Which seemed a little strange to me....almost like he's warning me there is something wrong with the house that he's not disclosing. (When I say 'he', I mean the bank's attorney....the house is a foreclosure.) Any how I'm working with a mortgage broker from Keller Williams whose awesome. He got me the pre-approval I needed. Thanks everyone!