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#241654 - 08/01/08 07:09 AM Which lender do you use for FHA loans?
FL Realtor Offline
Member

Registered: 11/13/04
Posts: 213
Loc: Florida
I'm a Realtor and mortgage broker, however I can't do FHA loans. I've been working with a mortgage broker on the FHA loans, however I find that many banks want a preapproval from a direct lender, not a mortgage broker.

I'm hoping to get some suggestions on good lenders to work with for these FHA loans.

Thanks in advance for your responses.


Edited by bstout (08/01/08 07:10 AM)

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#242238 - 08/04/08 08:57 AM Re: Which lender do you use for FHA loans? [Re: FL Realtor]
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
All a Mortgage Broker would need to do to resolve these insecurities is get a loan commitment from a lender by submitting the loan to them for underwriting/pre-approval. However, I have not found what you are running into common in my expirience.

A good explanation would be mortgage brokers have taken it upon themselves to write these letters up for their customers and then have a bad closing ratio causing insecurities with whom you are dealing with at the bank.

If you like your mortgage broker address the issue with them and use the above method to resolve the banks woes.
_________________________

"Closing Mortgages Since 1999"
Web: Mortgage Loans Message Board Blog

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