Financing in 11961>Question Details

Looking4ahou…, Both Buyer and Seller in 10562

Would you recommend using a mortgage broker for FHA loans or are they all pretty standard across the board?

Asked by Looking4ahouse, 10562 Thu Nov 19, 2009

0 votes Share Flag Financing in 11961

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Do your due diligence, they aren't all the same. Google search and look for other review/ rating sites. There are a few very good mortgage brokers on here which you can find by looking at their reviews. Don't just take someone's word, research them thoroughly.
1 vote Thank Flag Link Sat Sep 6, 2014
A mortgage broker has more than one lender to chose from and can be extremely competitive on rate and costs, with disclosure requirements all costs are disclosed to you and there can be no origination cost changes from what you have been disclosed which means no nasty surprises!

You benefit from the broker's mind set of earning your business while competing with other brokers and major lending institutions with billions in advertising budgets.

If you need someone with experience in this field, my contact information is given below.


Sanjeev Ahuja, NMLS #148731
30 Years experience in the Financial Service Industry
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
0 votes Thank Flag Link Thu Nov 27, 2014
Truth is that you could do well with either a banker or broker. At the end of the day it's all about finding a trusted professional who can advice you and guide you to a good situation and ultimately help you achieve your goal of purchasing a home. All guidelines on the FHA program are set by HUD, so they're universal and apply to all lenders including the ones that are accessible via brokers. Within these guidelines, there is several things that HUD allows each lender to determine just how flexible they will be with that particular situation. For example, HUD allows borrowers with 580 credit scores, but almost every lender will not allow it. So will you be better off going with a lender who does or a broker who claims to have a lender who does? Find someone you can trust and go from there. Rates & fees can and are similar with lenders and brokers. The turn time is also similar. There are lenders who have long turns times as there are some with fast turn times, same applies to brokers. I would be more than happy to set a meeting face-to-face and help you with this, if you have not yet found a professional to help you. Good luck!

Javier Meneses
Assistant Director of Sales
105 Conklin Street
Farmingdale, NY 11735
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 584-7138 Fax
0 votes Thank Flag Link Fri Nov 14, 2014
Every lender varies greatly regarding FHA Loan underwriting guidelines. Most banks will set the minimum credit score in the 620-640 range, however, I work with lenders who issue approvals as long as your credit score is 550 or higher.

Working with a mortgage broker is like having access to 30 banks at once. It simplifies the process, ensures your receive the most competitive interest rate, doesn't cost you a dime extra, and truly gives you the greatest probability of approval.

I've worked for both a mortgage broker and a mortgage lender; I choose broker because I want to be able to offer my clients the absolute best. It's very rare that I'm faced with a scenario that I can't work with.

I recommend we speak so I can better understand your scenario and ensure you receive nothing short of the best. Please don't hesitate contacting me directly via phone or email; whichever is easiest for you. I look forward to helping!

Kind regards,

Paul Marzolla
Vice President
Direct: (201) 957-6768

Licensed by New York Department of Financial Services
Member of NAMB - The Association of Mortgage Professionals
Member of New York Real Estate Investors Association
0 votes Thank Flag Link Wed Oct 1, 2014
I would disagree with the last answer. With over 20 years in mortgage financing, I know that it is much less expensive going thru a mortgage broker than a mortgage banker. Since we have no fees and we are able to offer a much lower interest rate to the consumer it is truly the best choice.
We just closed an FHA loan in 9 days and were able to save the client over $8,000 in costs and fees at the same rate.
Sounds too good to be true?
Call me at 516 695-9043 and I will be happy to compare the real numbers and show you that I can save you money too.
I look forward to hearing from you,
0 votes Thank Flag Link Tue Sep 2, 2014
Dear Looking4ahouse,
I would highly encourage you to work with a local lender such as the one I represent. We are the longest established Mortgage Banker in NY and have been specializing in FHA financing since 1960! We offer personalized service and outstanding lending expertise.

Happy House Hunting and please do call me at 914-629-5661 and obtain your Preapproval Certificate ahead of time to ensure that you are prepared to make and offer.

Best Regards,

Deborah Camacho
0 votes Thank Flag Link Sun Nov 29, 2009
As a loan officer working for a broker, no company is the same across the board, whether a bank or a broker. Every company has programs differently from the next. There are some things I can't do that others can (stated income/reverse mortgages). Your best bet is to contact a Realtor, whether refinancing or buying/selling and ask him/her to refer you someone. You'll want to tell that lender your situation and see if they help you. You can check out HUD's website to look up your situation and see if it's standard practice or ask the question here and see if the answers are the same. Once you get over that hurdle, then you can start getting into rate/closing costs. Just be aware that the best rate doesn't always mean the best service. You get what you pay for.
0 votes Thank Flag Link Thu Nov 19, 2009
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