Financing in Inglewood>Question Details

Vaneta Birtha, Renter in Los Angeles, CA

Looking to purchase in Los Angeles (Inglewood) and need to find an FHA Lender and get Pre-Approved. What is the best way to go about it?

Asked by Vaneta Birtha, Los Angeles, CA Sun Jun 12, 2011

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Calling up lenders you'll get a mixed bag, but when you call up individual loan officers who have been referred to you or you have found on your own there is a much better chance of getting a good apple.

You'd want to start off interviewing a few loan officers which just means talking to them and asking as many questions as you can think of that you want to know about mortgage financing when buying a home - easy questions, difficult questions, scenario questions.

You'll want to ask what the pre-approval process entails and how long it takes. Will the underwriter who will be allowing your loan to close be the person reviewing your file as part of that process? Will it just be the loan officer reviewing your information? Will they even ask you for documentation?

You'll also want to ask what types of programs they offer, and once your documentation has been thoroughly examined you'd want to get what options would then apply to you, as well as ask what your loan officer thinks would be the best loan program for your situation.

You'll want to ask what type of fees & costs you could expect to incur along the way (credit report, earnest money deposit, home inspection, appraisal fee, closing costs, etc.), how much those costs are estimated to be, and when they are expected to be paid (at the time the service is performed, at closing, etc).

You'll also want to ask what type of loan terms can they offer you if you were to lock in your interest rate today. On the same day (preferably within minutes), ask all loan officers you are interviewing to send you their rates in writing for the same lock period (ex. 30 days) so you can see how many points (if any) or lender credit (if any) you will be getting for a range of interest rates (not just 4.500%, but ask for 4.000%, 4.125%, 4.250%, 4.375%, 4.500%, 4.625%, etc. so you can see how paying points affects your interest rate). You should also ask when your interest rate can be locked in (once an address is known, at submission to underwriting, once your loan is approved, etc).

You should also ask when & how they will be available - are you someone who likes to discuss things after the normal work hours on the phone? In person on a Saturday? Through email? If you like to have everything in writing to reference, but your loan officer can't put together explanations in writing to save their lives, then that may pose an issue. If you like to be able to drive to your loan officer's office quickly with an meat cleaver in hand looking for blood when things go wrong - then someone who lives far away will have a bigger head start than someone around the corner.

There are more variables to think of, some will be important to you and others will not, however I truly believe that you will have a feeling inside of you of pure comfort when you have found the loan officer who will be the perfect fit. You will leave the conversation having a full understanding of the road ahead and what is expected of you, as well as you'll feel the loan officer has left no stone unturned when going over your situation.

Picking a loan officer is a prudent decision, make sure the loan officer you pick is prudent about you.
0 votes Thank Flag Link Mon Jun 13, 2011
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. CHF Access half percent down payment program requires a minimum 580 fico score and can contribute towards your closing costs as well. I can qualify you with a few dozen questions. Here is a flyer, maximum income limits for CHF Access and a needs list to gather to process a loan approval. I can issue a pre-approval letter or DU Approval and you can begin looking at homes and submitting offers. Get approved and buy today with as little as half percent down payment.

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

CHF Access half percent down flyer, pdf
http://tinyurl.com/9ewk9nq

Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2

CHF Access income limits http://tinyurl.com/8lzf8he

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Wed Nov 7, 2012
Hi my name is Gabino Barrera and im a loan officer in Torrance. I grew up in Inglewood on Cedar and manchester. I would like to help you if you havent been help. I could get you in a home with 3.5% down payment using F.H.A.

Gabino Barrera Jr.
Mortgage Professional

SWBC Mortgage
23705 Crenshaw BLVD. Suit 101
Torrance, CA 90505
424-236-1655-Cell
310-891-1700-Office
310-872-5404-Fax

CA-DOC861438
License by the State of California Department of Corporations under the California Residential Mortgage Act
0 votes Thank Flag Link Fri Aug 24, 2012
Recommendations and testimonials are the best way to go. I know an excellent mortgage broker that can explain you different options and I can personally guarantee the service he provides. Contact me for his info at ewareza@gmail.com or call/text me at 323-455-7575
0 votes Thank Flag Link Mon Jun 13, 2011
In addition to the excellent suggestions posted, another pair of important double-checks come to mind:
1. Individual recommendations/testimonials.
2. Company BBB rating.
Web Reference: http://rpm-mtg.com/csnyder
0 votes Thank Flag Link Mon Jun 13, 2011
I think the best way to find referrals for a good lender or MLO is to ask friends and family members if they have a lender or MLO that they have worked with before where they had a good experience. Get a couple of different referrals and interview them. Choosing a good lender or MLO is really important and you shouldn't make this decision without some consideration and thought.

As someone else mentioned, you may also be eligible for other programs too or may even some down payment assistance or a first time buyer program. Once again, choose your lender and MLO very carefully because that is a decision that can literally make or break your whole transaction that will ultimately get you to the closing table. I'm including a link to my blog where I wrote a series of posts about this exact scenario - choosing your lender and MLO. I highly recommend it.
0 votes Thank Flag Link Mon Jun 13, 2011
One of the best FHA lenders in the Los Angeles area is Chris Fenoglio at MetLife Home Loans. They are a direct lender, and he is currently closing loans in 30 days or less (I even had him close an FHA loan in 14 days over the Christmas holiday). He was doing FHA loans before all the other lenders in the area jumped on board. Give him a call directly at 562-799-5799 or e-mail him at cfenoglio@metlife.com. He has great pricing and is very competitive. Most importantly, my clients who have used him have a 100% record of on time closings and in the end, closing the loan at the promised rate and cost is really all that matters.

Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
0 votes Thank Flag Link Mon Jun 13, 2011
Feel free to contact me offline with any questions or concerns about getting a pre-approval. Also, there may be other loan programs available to you besides FHA. Conventional guidelines in terms of mortgage insurance have loosened up even with 3-5% down and may be a better alternative for you if you're able to qualify then FHA's increased monthly mortgage insurance payments.

Best,
Shawn
Web Reference: http://www.bma-loans.com
0 votes Thank Flag Link Sun Jun 12, 2011
You can find an FHA lender online or get a referral but the final choice is yours so make sure you explore all your FHA lending options and that you are comfortable with your pick.

Best of luck
0 votes Thank Flag Link Sun Jun 12, 2011
I'd be happy to assist you, I'm an expert on California FHA mortgages. Please contact me or visit my website to apply.
Web Reference: Http://WeFixRates.Com
0 votes Thank Flag Link Sun Jun 12, 2011
I have sold many houses in Inglewood and very familiar with the area. Most of my past clients in that area have been FHA so I know how to work that financing in the area. Call me or email me I can recomend a couple of good lenders. FHA is unique requires familiarity. Good luck!
0 votes Thank Flag Link Sun Jun 12, 2011
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