An agent places their license with a broker. That broker is responsible for the real estate-related actions of the agent since the agent completes all tasks in the name of their broker. There are other responsibilities and tasks for which a broker is also held accountable. But this general description should address your question.
Unfortunately the man with the gold make the rules. But luck for you they are more than likely steering you down the wrong path as a first time home buyer. FHA is and should be a last resort but the vast majority of Lenders that we as a bank purchase loans from see where the borrowers are sent to FHA because it make the most money for the Lenders. FHA has a UMIP fund that is tacked on to the loan along with monthly PMI for the life of the loan so its definitely a loosing situation.
We at Wells Fargo have just Monday introduce Your First Mortgage to buyers with great success and fanfare as it does not require PMI and even better is your ability to put just 3% down in comparison to FHA 3.5% down minimum. I would be delighted to provide you with a comparison quote and let you decide. I do not need to run your credit for this to happen, just give me a call an see for yourself.
Phone (469) 347-3572... more