How do I find a reputable FHA agent to apply for first time buyers loan? What will they require to process an app?

Asked by Jjmendez98, Lewiston, ID Sat May 5, 2012

I have a 600 credit score, good job, steady rental history paying $750-1000/month for many years, with few assets.

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James Ryan, Mortgage Broker Or Lender, Leesburg, VA
Sun May 6, 2012
Hi Jj,

You do not apply for an FHA loan with an FHA agent or employee, you apply to a lender typically using a loan officer or mortgage banker. To process your application, you typically need 2 years of W-2's, 2 years of taxes, 2 months bank and/or asset statements, 30 days of paystubs and a credit report through the lender of your choice.
With a 600 score, contact a good loan officer that also helps folks with credit issues. There are very few lenders that will do FHA that low in this market. It might be smarter for you to work with the loan officer to first increase your credit scores so more lending options open to you.
Best wishes, Jim
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Jim Paulson, Agent, Boise, ID
Mon May 7, 2012
There are many types of first time home buyer loans many of which are better than FHA. Shop around for options before making a commitment. For example, make sure they look into programs like Idaho Housing and Finance Association (IHFA); and several of the larger banks offer unique niche markets but even their own loan officers may not be familiar with since they are handled out of special departments.
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