Are there differences between lenders for FHA backed loans?

Asked by SomeQuestions, Miami, FL Wed Mar 20, 2013

Next week I am meeting with a loan officer from Chase (my personal bank). Last year I made about $75,000, the previous year I made about $52,000, and I am currently on track for $75-80,000. I have about 4 or 5 revolving credit lines. As of this week, their balance is all zero, except for about $700 on one line of credit (which I will most likely pay off by next week). I have student loans amounting to about $130,000 which are consolidated to about $400 payments per month, and I have a car lease for about $350. I have not been late in any payments in about 3 to 4 years.

First and foremost, would I qualify for an FHA loan? I believe i would, but I'd like to get some assurance. Secondly, what terms actually differ in an fha backed loan based on the lender (if any). For instance, are there differences between an fha insured loan from Chase, BoA, or a credit union? Or are the terms (rates, points, etc.) generally the same? Thanks!

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Alma Kee’s answer
Alma Kee, Agent, Tampa, FL
Thu Mar 21, 2013
Here is a very helpful website created by an Ivy League Professor. It has helpful info on how to "shop" for a mortgage:

http://www.MtgProfessor.com

Also if you are a first time homebuyer you may be eligible to get up to $7,500 from the State of Florida Bond program, take a look:

http://apps.floridahousing.org/StandAlone/FTHBWizard/FTHBWiz…

You MUST work with an APPROVED lender to get the bond money and I do not believe Chase participates. It limits the "lender related" fees so some lenders will not participate because they would make less profit on the mortgage.

Gina Harris with Iberia Bank is a participant in the Florida Bond program and can also give you great FHA mortgage, you can apply online:
https://gharris-iberiabank2lo.mortgagewebcenter.com/ApplyNow…

Also in this crazy "seller's" market you may also want to consider a HomePath property owned by Fannie Mae. A HomePath mortgage may allow you to buy with as little as 3% down, too. I've heard that putting 5% down will get you a much lower rate, though. No PMI and no appraisal required. You will not have the protection of an appraisal and also may have a competitive advantage with a HomePath mortgage because there is no appraisal required.

Hope this helps.

All my best,
Alma Kee
http://www.SoldOnTampa.com
0 votes
, ,
Wed Nov 30, 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
Olamas, Home Buyer, Miami, FL
Sun Apr 3, 2016
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0 votes
, ,
Thu Mar 21, 2013
Hi SomeQuestions,

Depending on your credit score, you should be eligible for an FHA mortgage or even a conventional mortgage.

As already mentioned, there will be some variance between lenders like minimum credit score requirements based on lender overlays but that's not really what you're asking about.

The basic "terms" will be the same from the stand point of FHA mortgage insurance premiums & length of the loan (ie: 30 year, 15 year fixed or 3 year & 5 year adjustable rate terms) but there will be differences in the interest rate, closing costs & SERVICE from lender to lender.

I typically see the first & last one on my list above as the major differences between using a Too Big To Fail Bank & a small community banker like myself. Their rates are usually higher & the service severely lacking.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust Co.
(877)228-9069
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Mar 21, 2013
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As a Florida Mortgage Broker I'm constantly saving deals that Banks turn down.

Two Turn Down Scenarios: 5 days before closing the Bank finds a reason to turn down your loan.

Working with a Bank:
What then? You’re stuck! Now comes the Panic Dance to search for another lender, AND the loan has to be completely Re-Process, causing extra credit inquires, a lot of extra time, money, your deposit and/or the house!

Working with a Mortgage Broker:
What then? You're Okay! Your Mortgage Broker quickly pulls your Fully Processed loan file and inserts it with one of many other Lenders and the deal closes!

Here is a response from a retail Bank Rep. after I asked her how many of the below programs they can offer. She wrote back:...... Honestly Steve, after reviewing them, I don’t think we can do any of these. We are pretty vanilla, Straight FHA VA conventional. I will keep your flyer and if I run across anyone we can't help I will send them your way. thanks

1) 100% LTV- VA / (VA Jumbo @ lower ltv)
2) 100% LTV- USDA/12 mo. into Chapter 13 BK…OK Too
3) 99% LTV- FHA / (FHA to 580 score @ lower ltv)

4) 97% LTV- No monthly MI-No FHA 1.75% Fee
5) 95% LTV- CONDO
6) 90% LTV- No PMI -2nd Home

7) 90% LTV- JUMBO w/cc
8) 85% LTV- No PMI - Super Jumbo
9) 80% LTV- Invest./Rental
10) 75% LTV- Foreign Nationals

--------STATED INCOME ALT up to Super Jumbo--------
11) 80% LTV- FIX n’ FLIP Invest. Prop.
12) 75% LTV- Foreign Nationals
13) 75% CLTV- Short Sale, BK, Foreclosure Forgiveness

14) 70% LTV- Soft and Hard Money
15) LOT/VACANT LAND LOANS
16) COMMERCIAL PROGRAMS-available nationwide

Steve McRory
Pro Option Mortgage / Florida
888 662 4404
Steve@pro-option.com
http://www.pro-option.com

Prior service U.S. Marine Corps

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0 votes
Steven Epste…, Agent, Coral Gables, FL
Wed Mar 20, 2013
Different lenders have "overlays" on their underwriting criteria so interview a few to discover and be aware of FHA min stds that each lenders overlays can affect. New guidlines are min FICO 620+ and rates for FHA MIP and upfront premiums increase as of April 1st. You can try to lock in your loan prior however you'll have to have a contract on a home to do so. All to the best of my knowledge, belief and over 30 years as a real estate broker in Miami, helping 47 families on average a year to find & buy the right home and/or sell their homes or rent & manage residential real estate I can certianly help you get through the industry with flying colors. And can refer you to my great team of real estate pros in lending, title, closing, insurance etc.
If you need anything further please feel free to call me during normal business hours at the contact info in our website link below. And please also send your email address and phone number, I'll be excited to help you with all your real estate needs and honored for the business opportunities.
0 votes
FHA minimum fico sore is to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, "limited to 90 percent LTV". FHA minimum credit scores are listed at 500 and above. Financial institutions can and often do require higher FICO scores. Among many lenders, the accepted basic minimum FICO score is 620 or better.
Flag Fri Mar 22, 2013
Yanoska Diaz, Agent, Miami, FL
Wed Mar 20, 2013
Your loan officer from Chase should be able to address all of your concerns. I am partner with Nestor Girardello on 8th Street and 87th Ave branch, great at customer service!!
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Wed Mar 20, 2013
0 votes
Ann Ryan, Agent, Doral, FL
Wed Mar 20, 2013
Chulo, the best person to answer whether you will qualify is the loan officer, who you plan to meet next week. There are differences in rates and terms between banks, but it makes more sense to shop for better terms AFTER you have an accepted offer. Why after? Because right now it's hard to find a home to buy, and you may need to pull your credit scores again in 3 months anyway if you haven't bought a home. Best of luck, and after you have the pre-approval, I'd be happy to send you listings. Why do you want to get listings directly from an agent? Because they'll appear 24 hours faster than if you wait for them to be transferred to Trulia/Zilliow/others, and you'll have that much of a head start on the buyers competing with you.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Wed Mar 20, 2013
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See programs below, then contact me to talk about how to minimize payments and reduce out of pocket costs.

1) 100% LTV- VA / (VA Jumbo @ lower ltv)
2) 100% LTV- USDA/12 mo. into Chapter 13 BK…OK Too
3) 99% LTV- FHA / (FHA to 580 score @ lower ltv)

4) 97% LTV- No monthly MI-No FHA 1.75% Fee
5) 95% LTV- CONDO
6) 90% LTV- No PMI -2nd Home
7) 90% LTV- JUMBO w/cc
8) 85% LTV- No PMI - Super Jumbo
9) 80% LTV- Invest./Rental
10) 75% LTV- Foreign Nationals

--------STATED INCOME ALT up to Super Jumbo-----------
http://www.StatedIncomeALT.com
11) 80% LTV- FIX n’ FLIP Invest. Prop.
12) 75% LTV- Foreign Nationals
13) 75% CLTV- Short Sale, BK, Foreclosure Forgiveness
14) 70% LTV- Soft and Hard Money
15) LOT/VACANT LAND LOANS
16) COMMERCIAL PROGRAMS-available nationwide

Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
#204296

Prior Service U.S. Marine Corps
====
0 votes
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