mdjd

Thanks for all of the responses! They've been very helpful.

I've read a couple of articles that say that using a local mortgage lender is better than using a "big bank" such as Chase. Is there any merit to this? It seems like the "best" lender would be the one with the lowest rates/fees. Is this not correct? Thanks.

Thanks for the reply! Sounds like it could be the right way to go then.

anyone?

$725k FHA JUMBO purchase loan in CALIFORNIA. RPM Mortgage said they would lock at 3.75%, which seems to be in line with the rates on Wells Fargo's site. Chase, however, said they would lock at 3.375%. Both are zero point loans. When I called the lady at Chase back today and asked her why Chase was so much lower, she said they are able to offer much lower rates because they have shifted to making their money off of refinances. She even said that this rate was lower than what was on Chase's website. Does this make sense to anyone here? It sounds very fishy to me. Thanks!

Thanks, but I'm specifically referring to the upper FHA limit for an ARM, which is different than the upper limit for a conventional loan. Did you even visit the link? That link is directly to the HUD website for only FHA loans - the page itself is titled FHA Mortgage Limits. It has nothing to do with conventional loans. You should note that there is not a different limit for an ARM vs a Fixed Rate for FHA. They only vary regionally. Yes, I visited the link. The FHA loan limit is $729,750 in my region (Alexandria, VA). I've easily pre-qualified for a loan of that amount with 3 lenders. They all have no problem with a fixed rate FHA loan of that amount. However, two of them told me that "there are no ARM options for a loan this size." I can lock in a 5.00% fixed rate FHA with either of them. The other one told me he was familiar with the lower limit on FHA ARM loans, but that he could get an FHA 5-year ARM at 4.00% for a loan this size. Are you sure that "there is not a different limit for an ARM vs a Fixed Rate for FHA?" They all seem to think there is (but one seems to think he can circumvent it).

Thanks, but I'm specifically referring to the upper FHA limit for an ARM, which is different than the upper limit for a conventional loan.

Is there an upper limit to the loan amount if I get an FHA loan, but want to have an adjustable rate mortgage (ARM)? A couple of lenders have said that the limit is $417K, but another one said that he could get around that. Should I believe the lender who says he can get around that limit?

You don't pay the agent's commission - that comes out of the seller's proceeds. Even if the agent agrees to accept less than the 3% for some reason, there is no way you would be able to get the 1%. I talked to one this morning who said he would be willing to cut me a check for 1% back at closing. So, 2% for him/1% for me. All from the seller, of course. I might try to push for 1.5% now...

Yeah, the buyer's agent I'm working with also wants a 90 day contract. Will probably try to negotiate that down to 30 days at most. See how it goes. I was also thinking about trying to negotiate his rate down to 2%; I would then take the remaining 1%. Anyone tried this?

Thanks. Sounds good. It seems to make more sense to use an agent who doesn't have a duty to the seller. Looks like there would be no down side.

I'm a first-time home buyer, and one of the books I'm reading suggests getting an exclusive buyer's agent. I searched this forum, but didn't see much about them. Is there any downside to using one, and opposed to just using a regular real estate agent?