Q&A: What are some current really good FHA mortgage lenders. Im in the state of Tennessee.?

Posted on Aug 21, 2012 in FHA Information

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Question by pureofheart: I’ve heard that FHA home loans are good for first time home buyers. Is this true and what are they?
We are looking to buy our first home this year and we are trying to learn about the different types of financing options available out there.

Best answer:

Answer by lepr0kan
FHA loans are good because they only require a small downpayment, more about 3% and are available to people who may not otherwise qualify for a conventional loan, say for instance due to credit history. However, if you have excellent credit and a downpayment it can sometimes still be better to go with a conventional loan.

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fha mortgage lenders
by marsmet526

Question by Bumpy1024: What are some current really good FHA mortgage lenders. Im in the state of Tennessee.?
Just want to hear any good experiences

Best answer:

Answer by Glenn S
Quicken Loans is one of the largest FHA lenders in the U.S. Their rates are among the lowest and if you don’t have any credit problems they are who I would recommend. If you are outside the box, more about like self employed, can’t show income, marginal credit. or where you down payment came from then it might be better to go through a mortgage broker that specializes in problem loans. They cost more, but they do a lot more work.

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5avg.rating 21 votes.

One Comment

  1. Quicken loans is a rip off.

    Go to any major bank or mortgage company that you can walk into the doors of.

    Stay away from internet-only lenders. They are all so bad (not just quicken) that most Realtors refuse to deal in transactions where a client is using them because the closings NEVER happen on time.

    PS: There is no such thing as an “FHA Broker that specializes in problem loans”.

    FHA loan guidelines are THE SAME no matter what bank you go to. Brokers that deal in problem loans are only going to send your loan to a subprime lender at a super-high rate of interest.

    There is no specialty or skill in that.