Who provides FHA loans directly/without having to go through a broker?
Are interest rates for banks' FHA loans published somewhere? Which banks offer them? Do banks pay the broker fee or would I be paying the fee?
Funny, not one direct lender answered the question yet. Are they really the better choice?
Only lenders that are on the FHA's "approved lender" list are able to provide FHA financing. This list is quite long and includes all of the largest lenders around such as Bank of America, Wells Fargo, Suntrust Mortgage, etc.
Shop FHA interest rates just like you would shop conventional financing rates - check with several lenders in your area. (And stick with direct lenders, not mortgage brokers)
When you say "broker", who are you talking about - a real estate broker or a mortgage broker? A real estate broker has nothing to do with financing - a loan officer/lender/bank handles that. And if you're talking about a mortgage broker, I suggest sticking with a direct lender (the two are different).
And when you say "broker" fee, do you mean your real estate agent/broker's fee? If so, once again, those two have nothing to do with each other.
The broker fee can be paid by the lender or by you or a combination of both. You can get a rate quote on http://www.zillow.com You will notice that the Broker quotes are competitive with the direct lenders.
George09,
Most importantly, shop for FHA lenders and compare the way you would with conventional loan.
The GOOD news is that under the new FHA rules lenders have complete control from application to closing.
The BAD news is that under the new FHA rules lenders have complete control from application to closing.....
The point is that you should make sure you get the best deal possible.
George - go to my web site and click on Service Providers and then Preferred Lenders, all of them listed are direct lenders. My favorite for first time home buyers is Cindy Fox with SunTrust, but they all do FHA... their qualifying criteria varies a bit. Some offer VHDA FHA some do not.
Did you really ask if a bank would pay a broker fee on your loan?
Try googleing fha rates in your area.
Also if you have a lender that you normally work with talk to them, let them know your doing some shopping, it won't hurt.
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