Like myself I focus on Government lending (FHA, VA, USDA - Fannie (Homepath and Jumbo) Freddie Mac (Homesteps)
FHA is 3.5% down and Homepath REO homes have a special right now 3% down and 3.5% toward closing costs till June 30th.
Hope that helps:)
Carl Ashton Mortgage Banker/ Loan Originator
NMLS MLO ID # 247293
E Mortgage Management, LLC
7601 N Federal Highway
Boca Raton FL 33487
Phone: Direct: 561-210-3000
Just for a timeline I currently have a buyer that is using a mortgage banker that I recommended. We went under contract using NSP funds 14 days ago. Appraisal is done, loan is in underwriting, and we are just waiting for city inspections. This is an FHA loan and we could close Monday if not for the NSP funds but it is hard to turn down over 9000.00 in free money to close quicker.
Don't let anyone tell you that an FHA loan takes forever to close it just takes that company forever to process it. I have had dealings with banks where it takes 7 days to cycle a question from the appraiser that is not acceptable.
All the best,
Also if you're putting 20% down and going conventional, try http://www.AimLoan.com
Here's a great website about mortgages and the ins and outs including fabulous excel spreadsheets to analyze various scenarios. It also lists the "wholesale" rates so if a lender offers you something below the current wholesale then you are likely paying extra Lender Related fees to lower your rate. It's from a Wharton Business School professor:
I'd suggest using a 'Banker'. Remember, most Bankers (who lend their own funds) generally can also place their clients in a 'brokered' loan if he/she can't fit a loan into their own Bank product mix. A mortgage broker can only originate loans through other lenders. Translation...your only playing with half the deck with a Broker vs. a Banker.
This is just my opinion.
Please let me know if I can assist you.
Marsha Montoya Mayer- Realtor
Paradise Properties of Florida, Inc.
I don't know what you suggest to your clients, but, I suggest that they talk with their local bank or credit union.. Someone they know and trust. They offer some good local programs that the mortgage brokers do not have. If they come along with a preapproval in hand, then, we work with that banker. The client must feel comfortable with whichever bank or program that they are going to use to purchase the property.
You might also try and Endorsed Local Provider on http://www.DaveRamsey.com or an "Upfront Lender" from:
Hope this helps.