What does your buyer's agent say? Am a little concern that you are asking in this forum and not consulting your Realtor? If you have a loan contingency and you do not have a commitment from your lender it will be wised to consult your mortgage broker or the financial institution that is processing your loan in order to get a time frame. If you only have three days left on loan contingency it would be wise to extend this contingency to be safe. Your buyers agent should be advising you and monitoring all your contract contingencies. Your Realtor is there to protect your interest as your buyers agent.
Dina Yando, Realtor
Cher Real Estate
New England Rentals By Owner
I would suggest checking into a credit union for financing. Hopefully you may only need about 20% down. Of course you would be renting the new condo you finance, but do think about the possibility of buying a condo that you could do vacation rentals with. Your rental monies are much higher and you may have more profitability because of it. You could even use it part time yourself.... more
Opportunities Credit Union is a place to start. Mortgage Brokers usually work with lender who sell the loans to the secondary market, which will not accept a mortgage backed by a manufactured home.... more
Getting the pre-approval letter is a step in the right direction. As Chuck stated, be sure it's a pre-approval and not a pre-qualification. A pre-approval represents that the lender/broker actually took the time to have your information reviewed. I'm assuming that you've provided them with a thorough application, pay stubs, W2s, tax returns, etc. If so chances are they have a good idea where you stand and when you actually find the home you want the loan closing process will be that much easier.
As far as finding multiple lenders, my suggestion is to find someone to work with that you can feel comfortable with. Purchasing a home is possibly the biggest purchase you may make in your life. Find a Broker/Loan Officer or Lender you know will be around and can provide you a service that is more than transactional. Many homeowners refinance there home multiple times and each time they're working with someone different. Your home is your biggest asset and it would be a good idea to work with someone that will be there for you through more than just this transaction. Just as you have a primary care physician for yourself or a pediatrician for your child, you should have someone that can get to know you and help you make good decisions when it comes to managing your home. Don't just settle for any one. After all, you're the one spending the money. I hope this information helped and if you have additional questions feel free to contact me. Good luck and congratulations on your decision to purchase a home.
Your best bet is to meet with a local and trusted mortgage broker. stay away from the internet lenders.... a goo dloan officer can prequailify you at no cost and let you know if there are any programs you do qualify for based on your income, credit score and self employeed status. it is the only way to stop guessing and know for sure. good luck in your search... more