Who is the best FHA lender for buying a home?
The lender who …
- offers low FHA mortgage rates
- knows how to get your unique loan scenario approved
- and close your home quickly.
We can do all three.
FHA loans are great when buying a home for the following reasons:
- very low interest rates
- there aren’t any income limits
- the qualifying guidelines are more relaxed than a traditional conventional mortgage
- seller can pay closing costs (up to 6% of sales price) so your cash out of pocket stays low
- gifts are allowed so you can get the money to close from a friend or family member
- and there aren’t any prepayment penalties
Even though many lenders can offer FHA loans, not all are the same.
Many lenders offer high interest rates on FHA loans in order to make more money.
Unscrupulous lenders would often lure borrowers with the low interest rates. However they will eventually jack up the cost of your monthly mortgage and attribute it to a spike in the market.
Our FHA lenders have been properly vetted. You can be sure that the one you get matched with will be transparent and fulfill expectations.
Many lenders are inexperienced with FHA loans and make errors or do not advocate for your approval, or they have picky underwriters without a “can-do” attitude.
An inexperienced lending company may not always be easy to spot. They can smooth talk you into thinking that they are actually experts at what they do. You become especially vulnerable if you didn’t bother to research about FHA loans in the first place. Do your network prior to shopping around for a lender. Being knowledgeable about government insured loans enables you to spot con artists in lender’s clothing.
The lenders we work with know their business. Through knowledge and experience they are equipped to guide you in the FHA loan application process.
Many lenders have slow and rigid approval systems that take longer than necessary to approve your loan.
Applying for a loan is a process. Normally it takes weeks before results come out. The lender also sets the proper expectations beforehand. However, when you’ve been asked to submit a flurry of requirements or have been waiting for months for feedback on that loan application, chances of approval are probably going to be slim.
The lenders we have will let you know what to expect. They are big on client experience so you can be assured that the specifics will be laid out, before you even sign an agreement.