Im planning on getting pre-approved for an FHA loan. i understand the basics of applying for a loan but what are some additional things i should ask or look for? any suggestions, website or article reference would be greatly appreciated.
@Jean Camille Get an comparison on conventional loan so you know which option would be good for you.
@Jean Camille MIP's!!!
If you qualify, there are better options than FHA with its high costs of financing the FHA MIP on the loan amount and the monthly MI.
Look at 1% to 3% down programs with closing costs paid for buyer
@Steve McRory I've seen a few of these programs floating around... could you provide any additional information in regards to the 1% and 3% down payment program with closing costs paid for buyer. Or maybe even some possible firms that utilize said programs.
@Jean Camille I can explain to you in great detail about the FHA loan.
That's what Mortgage Brokers do, we find your best terms. Regardless if you're buying a $10,000,000 home with 840 scores or buying in the $100,000+ range, 550 scores, we find your best terms for your situation.
However, a Mortgage Broker's Lending Sources are our Trade Secrets. Like a fishing guide's GPS numbers to the best fishing spots or a realtor's knowledge of really good deals on FSBO properties, this info is not shared openly, but eventually disclosed of course once hired.
Excuse me for sounding rude @Steve McRory - I was asking cause I see these offerings from mortgage brokers but it also seems, on the surface, to be too good to be true. I know it sounds cliche which is why I asked.
If if they're advertised they're real especially in today's crushing over-regulation mortgage industry.
The problem is you'll get someone that reads an advertisement and does not come anywhere close to qualifying, but then wants to say it was too good to be true.
I get people all the time that have low credit scores, can't prove their income and want 100% financing.
Best thing to do is fill out a complete application and allow your credit to be pulled and do it the right way
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