Posted on: 30th Apr, 2010 06:59 am
Currently I am spending a large amount of time hunting for a good mortgage program. I have heard about the FHA programs. They are easy to get and have a little down payment (my favorite part). but I think that there might be some catch in it. Please do you have any suggestions? I would appreciate if anybody could share his/her experience. Well, It would be a pleasure if anybody could suggest me a good loan provider. Here are some of the providers I got while googling. do to have any suggestions about them?
"http://www.bankrate.com/"
"http://www.mfgmortgagerates.com/"
"https://www.bankofamerica.com/index.jsp"
"http://www.lendingtree.com/"
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"http://www.bankrate.com/"
"http://www.mfgmortgagerates.com/"
"https://www.bankofamerica.com/index.jsp"
"http://www.lendingtree.com/"
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Other than national lenders, who are everywhere, your best bet for a lender is someone local to you. Your best bet in getting a referral is to speak with friends, acquaintances, family, lawyers, doctors, etc. Anyone who has recent experience with a mortgage lender would be able to suggest someone to work with (and also to avoid). There is no "catch" to FHA lending. It's the best method for most first time buyers to get into homeownership. Those four sites you noted are not necessarily your best bet.
I suggest you find a person with whom you can work one on one, and in whom you have confidence about ability, honesty, perseverance...again, a reference is probably your best bet.
I suggest you find a person with whom you can work one on one, and in whom you have confidence about ability, honesty, perseverance...again, a reference is probably your best bet.
Hi,
There is no catch in FHA. Anyone can get an FHA loan. The best part is that there is no income limit. However, there are limits on how much you can borrow and it depends on the region you belong. To qualify for an FHA loan, you need to have a good source of income and a decent credit score. If you need an FHA loan for a large mortgage then they may not offer you that. So, consult with a good mortgage attorney before applying for it.
There is no catch in FHA. Anyone can get an FHA loan. The best part is that there is no income limit. However, there are limits on how much you can borrow and it depends on the region you belong. To qualify for an FHA loan, you need to have a good source of income and a decent credit score. If you need an FHA loan for a large mortgage then they may not offer you that. So, consult with a good mortgage attorney before applying for it.
I was fine with your advice until the last, Rita. A good mortgage attorney isn't going to be conversant with what entities deal with FHA loans, necessarily. Not to say it can't happen, but the poster is far better off searching out lenders than a mortgage attorney at this stage of things.
thanks guys for your co-operation