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Sean Said:

Attention any mortgage brokers/bankers ! I have been approved for an FHA mortgage...?

We Answered:

You have a few more days, until Oct 1.

John Said:

Is an FHA loan cheaper with mortgage broker or credit union?

We Answered:

Keep in mind that a broker is a middle man & you will pay extra (broker fees) for his help. Go to a mortgage banker instead of a mortgage broker.

Colleen Said:

How do I find a reputable FHA mortgage broker in Houston, TX?

We Answered:

Well there is nothing wrong with a broker. I mean ironic they suggested Bank of america which just bought the company that supported and funded more loans from brkers than any other financial institution in the world. I would suggest contacting several lender banks or brokers the majority will be able to do FHA. Banks regularly cap the revenue on loans as opposed to brokers, but that doesn't mean you can't get a better deal with one or the other. If you go to HUD.gov there is a link somewhere for approved FHA lenders, but if you are looking for a level of service. Ask freinds and family, real estate agents and probably most importantly ask some title companies in town ( they d all the loan closings and they know who is good and bad)

Jeremy Said:

FHA/HUD mortgage loans...Easier than regular mortgage brokers or not?

We Answered:

Talk to your Realtor about this. He should know a mortgage company that can help you. As golfer said, not all companies are FHA approved, and so they don't have that option for you. FHA is a bit easier on your credit score as well as medical bills. Do get pre-approved prior to shopping for homes. You don't want to be paying for inspections or appraisals, only to find out you don't qualify for that much house...

FHA is also more lenient as to where your down payment and closing expense money comes from. You can have the seller pay part of your costs. FHA does want for you to have a minimum of 3% invested in the house. This comes out to 2.25% minimum down payment and 0.75% towards closing expenses. Even this 3% could come from relatives or non-profits or government grant programs. A knowledgeable loan officer (versed in FHA) can help you with that.

Cecil Said:

What if I signed an intent to occupy on an FHA mortgage, and didn't end up moving into the property?

We Answered:

If you signed the paperwork saying you would live there and you do not live there then it would be considered mortgage fraud. I'd try to get this corrected because if they find out on their own that you rented the place out they may call the mortgage due immediately.

Also most "intent to occupy" clauses only last for 1 to 2 years. Check the document you signed to see what the time you must occupy is.

Good Luck!

Armando Said:

How do I become a FHA Mortgage Broker in Illinois?

We Answered:

Umm, yes, there is still FHA loans. No clue what the other guy was talking about. The Federal Housing Administration still exists, as a subsidiary of HUD (Housing and Urban Development). Rural Development is managed by the USDA.

Assuming you're already a licensed mortgage broker in IL, your first step is to call one of your primary investors who offers FHA loans, and find out what the steps are for them to sponsor you to originate FHA loans.

Being an FHA Direct-Endorsed lender is a huge process with a high networth requirement, your own underwriters, etc... You don't need that, you just want to broker the loans. So you need someone who is FHA DE, like your main investor banks, to be your sponsor.

FHA historically required a minimum $25K networth for the business, even to broker loans. I believe they just changed that, or the change is coming, to open up more brokers to be able to sell FHA loans. You will still have to subject up to 10% of your files for audit, at your expense though, if you get FHA approval.

Talk to your favorite investor rep about it. And if you don't already have one, you're 10 steps further than you should be.