Brent Bester

Kathy,

That is a good question. I've heard different things on both sides and still do not know the absolute answer after being in the biz for 5 years. I hear every inquiry dings you, and I have also heard there is a 30 day window for consumers to shop for mortgages, as long as its only mortgage people inquiring. I still don't know, credit scoring is very complicated, alot of things go wrong people have false accounts, stolen identity, unknown accounts, etc. If your very borderline on getting a loan I would be concerned about it. However, if it's only going to ding your credit for a short perios of time and your credit is flawless, I wouldnt sweat the load at all- inquires are not the primary reasoning for bad credit- debt and missed payments are.

Therefore I think your fine and I also agree with mcbrown....I don't know why you need to shop so much or why the broker is sending your package out to multiple lenders. Everybody has the same products nowadays. Customer Service is what top originators across the country are providing- not products that nobody knows about (There arn't any in existence). Those days are long gone. I work at a bank and do not know one single broker that has acess to something I dont. Good luck with everything and Best wishes!

Brent Bester
Mortgage Professional
614-622-8916 - Mon Jul 21 2008, 17:31

Jennifer,

I would try to stay with someone local too. You'll feel more comfaortable. I would go to a bank and try to talk to someone that fully understands your situation. I actually got a 67% debt ratio approved last year. It might be tougher to do now, if I even could do it now. But you want to at least make sure they run the loan through Desktop Underwriter if your going conforming. If you going to do an FHA loan make sure the Loan officer is very knowledgeable about FHA guidelines as well as the underwriters. I've seen people good at sales with no knowledge on FHA guidelines and that can waste alot of time.

Brent Bester
Mortgage Professional
614-622-8916 - Mon Jul 21 2008, 15:33

Glad to help your fine! Tell your friends I easied your worries at your house warming party! lol - Sun Jul 20 2008, 23:30

Jeff,

It's sounds like you are in good shape and should have no worries whatsoever. You loan was only taken 6 days ago, I am not sure if you are a first time homebuyer or not but mortgages usually take a little longer than your typical credit card, personal loan, or car loan. I think you will be fine an you probably will actually close before the 15th of July. But to answer you question, it really depends on your scenario...in your case it can be easily done in 15 days! - Wed Jun 25 2008, 19:51

Cindy,

No they cannot, FHA is a government endorsed loan and thier guildelines lend in all 50 states. They bank servicing the loan however has the ability to decide to lend in that region or not. Hope this helps!

Brent Bester
Mortgage Professional
614-622-8916 - Fri Jul 18 2008, 15:18

Don't worry about the second! call me and I'll tell you why.

614-622-8916 - Fri Jul 18 2008, 00:03