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Where should I apply for an FHA loan?

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We are FINALLY ready to apply for a mortgage & hoping to do an FHA loan. Any suggestions as to where to apply for one? We've thought about Quickenloans and Vanderbuilt Mortgage. Mid score is 618

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Apply through a locally owned bank or credit union that will retain ownership of your mortgage.

 

Exactly. If you have seen ads on TV, or it's a big bank, stay away from it. Go to the local community bank on the corner or a CU. Stay away from doing it online. Do this in person, especially since you will have a difficult time with your scores.

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With that score u might want to talk with a rep from Wells Fargo. They just lowered the score requirements for a FHA mortgage. Somebody posted about it here a couple weeks ago.

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With that score u might want to talk with a rep from Wells Fargo. They just lowered the score requirements for a FHA mortgage. Somebody posted about it here a couple weeks ago.

 

Which is exactly why you don't want to go with them. They are taking advantage of people by churning out sub-prime mortgages with high interest rates. Sounds familiar.

 

Personally, I would get my scores up a little more and do this the right way.

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With that score u might want to talk with a rep from Wells Fargo. They just lowered the score requirements for a FHA mortgage. Somebody posted about it here a couple weeks ago.

 

Which is exactly why you don't want to go with them. They are taking advantage of people by churning out sub-prime mortgages with high interest rates. Sounds familiar.

 

Personally, I would get my scores up a little more and do this the right way.

 

Exactly! Dear lord, this is why history repeats itself. It's been all of, 5 - 6 years? And we've already forgotten our lessons.

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I'm pretty sure the rate for an FHA mortgage is the same, no matter what your credit score. Either you qualify or you don't. If you have sub-620 mid scores though, you have to come up with a larger downpayment.

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Because the FHA is not a lender, but rather an insurance fund, borrowers need to get their loan through an FHA-approved lender (as opposed to directly from the FHA). Not all FHA-approved lenders offer the same interest rate and costs -- even on the same FHA loan. Costs, services and underwriting standards will vary among lenders or mortgage brokers, so it's important for borrowers to shop around.

Read more: http://www.bankrate.com/finance/mortgages/7-crucial-facts-about-fha-loans-1.aspx#ixzz2x6LzFBfk

Edited by funkiehouse

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I'm pretty sure the rate for an FHA mortgage is the same, no matter what your credit score. Either you qualify or you don't. If you have sub-620 mid scores though, you have to come up with a larger downpayment.

 

I think it does have more to do with the lender you use but I imagine the rates will be higher with Wells with a low score.

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This thread might be more helpful to the OP in the Mortgage forum.

 

I am not a mortgage pro. :D

Edited by funkiehouse

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I'm pretty sure the rate for an FHA mortgage is the same, no matter what your credit score. Either you qualify or you don't. If you have sub-620 mid scores though, you have to come up with a larger downpayment.

 

I think it does have more to do with the lender you use but I imagine the rates will be higher with Wells with a low score.

 

Yes I would definitely wait til scores are up more to save on the rate and so I could go with another lender. Will save u lots in interest and fees

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