Who is the best bank to go with for an FHA loan?

Asked by Charles, 33618 Thu Jun 12, 2008

I am also looking for this FHA loan to have program assistance for zero down payment.
We have all paperwork ready to go and have been preapproved by another bank. I want to make sure we're getting the best deal possible.

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Answers

35
R.E. Summerl…, , Miami, FL
Tue Aug 4, 2015
Your best option is to contact Home Loans For All. They'll match you with the top lenders based on your own individual situation. I'll include a link to them.
50 votes
Lisa Tran, Home Buyer, Frisco, TX
Wed Sep 30, 2015
Have you tried an FHA Loan? You don't need perfect credit for FHA loans. I think FHA goes down to 580. The Lenders Network is partnered with several lenders that work with low credit scores.
42 votes
Johnathon Mi…, Home Buyer, Houston, TX
Fri Sep 6, 2013
I had a great experience with The Lenders Network, spoke to someone who really knew his stuff. I was approved for an FHA loan and closed in less than 30 days. http://www.thelendersnetwork.com

Good luck!
31 votes
Tim Cahill, , Arlington, MA
Sun Aug 9, 2009
If it's not too late to save you the heartache, Charles - above all else, STAY AWAY FROM BANK OF AMERICA!

Attend any meeting of realtors where the topic of mortgages comes up, and you'll hear a groan rise from the crowd when BofA is mentioned - they're causing more delays and deals to fall through than any other bank (at least here in Massachusetts). As a matter of fact, in my firm, if a client comes to us with a BofA approval and they insist on sticking with them, we'll tell the client we can't work with them.

Hopefully I'm not too late to save your soul.... :-)

--Tim
13 votes
Bank Of America ruined me! They destroyed my credit on purpose, I was speaking to a woman in their credit department about my LATE payment, which was 6 days late....and she told me.....well....You don't have to worry about it anymore! I just closed you accounts....with a balance of $600. Of course when my other creditors saw that they panic and kick me into a 23. percent interest the very next month.

THANK YOU BANK OF AMERICA
Flag Sat Feb 18, 2017
Zhuoming Zang, , Cupertino, CA
Fri Aug 7, 2009
My clients have done FHA loan with bank of America.
I think Major bank is better for such loan. Especially their pre-approval
letter makes you stronger.
13 votes
Ted Myers, , Saint Petersburg, FL
Sun Dec 28, 2008
We work with over a hundered different banks that allow borrowers to purchase a home regardless of credit score.

http://www.fhamortgageprograms.com/mortgage/home-buyer-loan.shtml
13 votes
Blase De Roco, , Denver, CO
Mon Aug 10, 2009
The best lender is the one that is most responsive to you. Because you want down payment assistance there are different programs in each State, City, County.The lender you select should be familliar with all the programs available to you . For instance In Colorado there are 4 different programs you could qualify for. CHFA, CHAC, CHE, Aurora HOAP,. Each of these has certain requirements as to income , location of the property and type of loan and amount of loan they will lend behind. they also have different repayment plans . If your lender is knowledgable about these programs and has competitive rates. You should be in good hands. If not Give me a call my name is Blase de Roco. You can read my Blog, The Mortgage Expert at Http://loansbyblase.blogspot.com My contact info is on My Blog.
12 votes
Alma Kee, Agent, Tampa, FL
Wed Jul 2, 2008
Visit mtgprofessor.com and chose an upfront lender/mortgage broker or.... I also highly recommend Wells Fargo. The advantage with going with Wells Fargo is they have been known to offer a mortgage "modification" if interest rates go lower after you get your mortgage. It will save you thousands of dollars instead having to do a "refinance". And Wells Fargo has a discounted arrangement with Ameridream so you can also get the 100% financing easily.
Web Reference:  http://www.soldontampa.com
12 votes
Voices Member, , Tampa, FL
Fri Jun 13, 2008
Hello Charles. I don't know if there's a best Bank, but there are better loan officers. I refer my clients to someone at SunTrust Bank. His rates are extremely competitive, and he is smart, aggressive and, most of all, honest! And, he knows the industry very well and makes use of all the potential products out there. Even today, with a special AmeriDream program, he can get qualified buyers an FHA loan with little or no money down. If you'd like his name, please email or call me. My contact info can be found at my web site, below:
12 votes
Leesa Sandov…, Mortgage Broker Or Lender, Plano, TX
Thu Jun 12, 2008
I agree in that the FHA rules are the same...loan limits are the only thing that would be FHA restrictive. The things you will be comparing at this point is service, rate and closing costs. To be sure you are getting the best rate and closing costs you can compare with a couple of loan officers. I do FHA loans in 47 states if you would like for me to take a look at the good faith estimate I would be happy to.

Leesa Sandoval
National Loan Officer
PrimeLending
Direct 972-407-7922
lsandoval@primelending.com
10 votes
Arnie Kleins…, , Bozeman, MT
Thu Jun 12, 2008
Charles,
Check with a few different lenders and compare them side by side. If you are working with a good agent he will also provide you with lenders who have done a great job in the past. If you are not sure ask for a reference. Good luck
10 votes
Erbin1, Home Buyer, Tampa, FL
Mon Jan 5, 2015
I wonder if the above could be one of those who bailed out of a previous home while claiming victim hood? Now looking for another no skin in the game loan? Whatever happened to 20% down?
9 votes
Jeri Patrick, Agent, Pooler, GA
Mon Aug 31, 2015
I would contact a local lender to talk about loan options
8 votes
Damon Pinion, , Tampa, FL
Mon Jul 7, 2008
I would be happy to help you. I have been originating FHA loans for the past 10 years and currently work for a well known bank in the area. I can do up to 9% down payment asst. for FHA loans.
Email me if you are interested and I can e-mail you a Good Faith Estimate by the end of the day.
8 votes
Charles, Home Buyer, 33618
Thu Jun 12, 2008
I forgot to mention I live in Tampa, Florida.
our combined household income is 101K
family of 3 (mom dad and newborn)
I already own a condo and cant afford to sell it. I have a renter lined up already that will cover the mortgage in rent.
8 votes
Brent Bester, , Columbus, OH
Thu Jun 12, 2008
My Bank! lol, Just kidding. I would try to find a loan officer in your aera local that holds a reputaition for FHA loans and great service. They are typically the same products but I would still shop them...Additionally I would look into state assistance for a true 100% loan typicaly your state will have a agency that helps out with bond money for first time hombuyers. Good Luck!

Brent Bester
Mortgage Professional
614-622-8916
8 votes
Tony.marks17…, Home Buyer, Rancho Cucamonga, CA
Wed Sep 9, 2015
I would recommend for you to talk to at least two different lenders. When you meet with a loan officer, ask questions. Make sure you understand everything the loan officer is telling you. And always ask for a good faith estimate. This will allow you to compare both lenders. Then you can decide who you want to work with.
7 votes
Cmweber12, Home Buyer, Trenton, NJ
Thu Oct 11, 2012
I am purchasing a home in New Jersey I wish to buy FHA can you suggest a small bank or reputable
Company to go to
7 votes
Kevin, , Texas City, TX
Mon Aug 10, 2009
Hi Erika,
good answer but Charles asked this question more than a year ago... Now, he must have been a home-owner, but really good advice...
7 votes
Erika Johann…, Agent, Yuba City, CA
Sun Aug 9, 2009
I would recommend for you to talk to at least two different lenders. When you meet with a loan officer, ask questions. Make sure you understand everything the loan officer is telling you. And always ask for a good faith estimate. This will allow you to compare both lenders. Then you can decide who you want to work with.
7 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Mon Aug 3, 2009
The one that doesn't go out of business half way through the transaction.
7 votes
Lostski, , Virginia
Thu Jul 3, 2008
I would use Bank of america. They are affiliated with most Down payment assistence providers. I have a great contact for you. If you are interested let me know. All the rules are the same with FHA no matter whom you choose.
lostski@gmail.com
7 votes
Lostski, , Virginia
Thu Jun 12, 2008
FHA rules are the same across the country. It depends on your county loan limits. These can be found on the hud web site. Then check on any local gov to see if they participate in any gift programs.
I would use BofA They have a program called BPP free for a year. It is a great product. I can help explain this to you if you email lostski@gmail.com
7 votes
Jan Petters…, , Sarasota, FL
Thu Jun 12, 2008
Hello Charles,
Sunbelt Mortgage has been giving us some updates on FHA loans so they may be a good place to start. You can contact Joan Marie at cell #941-730-2972 if you'd like to get prequalified and "educated" on the pros and cons of an FHA loan. There is no obligation to use her but at least it will give you a good feel for what you can expect.

I did mostly FHA loans when I sold up in Pennsylvania. But there have been a great any changes to the rules since then. I found the following sites which may be of assistance:

http://www.hud.gov/buying/loans.cfm
http://www.hud.gov/offices/hsg/fhahistory.cfm

Please let me know if I can assist in any way -- more information, contacts, etc.

Jan Petters - Team Vitale
Coldwell Banker Residential Real Estate
423 St. Armands Circle
Sarasota, FL 34236
jpetters@coldwellbanker.com
http://www.teamitale.com
(941) 685-7573
6 votes
Jimmy Jung, Other Pro, Calabasas, CA
Sat Apr 30, 2016
If you go to a company like home loans for all, they can compare your rate against literally hundreds of other lenders out there to see if there's a better option. We send most of our clients there. Just google Home Loans For All. Hope that helps. Take care.
5 votes
FHA Mortgage…, , Jacksonville, FL
Wed Sep 2, 2015
Contact us below with any questions, we always hapypy to help. All we do is FHA loans in Fla.

FHA Mortgage Source - Florida FHA loans, 7 days a week
Ph: 904-302-6060
http://www.fhamortgagesource.com
5 votes
Jeri Patrick, Agent, Pooler, GA
Thu Sep 3, 2015
I would contact a few local lender to discuss loan options and there process.
3 votes
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Wed Jun 14, 2017
http://georgia-mortgage-lenders.com/fha-mortgage/
provides Georgia first time FHA mortgage applicants and current Georgia home owners the ability FHA mortgage with less than 3.5% down payment and/or FHA refinance with bad credit scores.
0 votes
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Sun Mar 19, 2017
http://www.florida-mortgage-lenders.com/

Check the reviews Our team is committed to providing our clients with the highest quality financial services, combined with the lowest rates available. Our Florida loan officers will work with you one-on-one to tailor a financial solution that is specifically suited to meet your financing needs. Whether you are purchasing a Florida dream home, refinancing an outstanding loan, or consolidating debt, our highly experienced mortgage team can help you find the right loan program at the lowest rate, no matter what your needs are.
0 votes
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Thu Feb 16, 2017
We work with over a hundered different banks that allow borrowers to purchase a home regardless of credit score.

http://www.fhamortgageprograms.com/mortgage/home-buyer-loan.shtml
Web Reference: http://www.fhamortgageprograms.com/
0 votes
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Tue Jan 17, 2017
Florida Mortgage lenders .com provide Florida first time home buyers and current Florida home owners the ability FHA mortgage a Florida home with less than 3.5% down payment or FHA refinance a Florida home up to 96.5% of the home value. Research Florida home loan programs which help you to buy a Florida home. Also, learn about FHA minimum credit requirements, or get pre approved today. Florida-Mortgage-Lenders.com will show you the advantages of how to qualify for an Florida FHA mortgage if you have bad credit or even no credit .

http://www.fhamortgageprograms.com/
0 votes
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Tue Jan 17, 2017
Florida Mortgage lenders .com provide Florida first time home buyers and current Florida home owners the ability FHA mortgage a Florida home with less than 3.5% down payment or FHA refinance a Florida home up to 96.5% of the home value. Research Florida home loan programs which help you to buy a Florida home. Also, learn about FHA minimum credit requirements, or get pre approved today. Florida-Mortgage-Lenders.com will show you the advantages of how to qualify for an Florida FHA mortgage if you have bad credit or even no credit .

http://www.fhamortgageprograms.com/
0 votes
Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Fri Nov 25, 2016
We provide FHA/VA loans all the way down to a 580 fico. As a licensed real estate broker and mortgage broker over 10 years i can answer any questions you have throughout the process.

US Mortgage Lenders - Thomas Martin
Min FICO 580 FHA/VA Loan Approvals 7 days a week
PH: 954-667-9110
http://www.florida-mortgage-lenders.com/
http://www.fhamortgageprograms.com/
0 votes
Paul, Both Buyer And Seller, 11968
Thu Nov 17, 2016
There are lots of important steps you can take on own to insure you are fully educated on financial aspects of ALL REAL COSTS of Homeownership that will enable you to make a smart investment section about a particular house or condo. Use InBedrock.com to learn about analyzing house purchase price, closing costs, Appraisal, Attorney Fees, mortgage financing/points,
+ Bank Approval Process(how much can I afford with X $ amount as downpayment), RE Taxes + Title Costs, Transfer Taxes, RE Broker commissions, etc. As this will probably be your biggest $ investment in lifetime, good idea to be as informed as possible. InBedrock.com is easy to use/understand, educational and in-depth.
Web Reference:  http://InBedrock.com
0 votes
Karensinger21, Home Buyer, New York, NY
Thu Nov 17, 2016
I've been on here for a moth, others get there's in a week ,so what's wrong with me I need a home and can't get it I found one but can't get a hold of you,
0 votes
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