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Question by diamondcattoy: What is the best source for an FHA mortgage in California? A large bank or a finance company?
I am interested in getting pre-approved for an FHA loan and have been talking to my bank and I want to know what my options are to keep my costs down and not get taken advantage of as a first-time home buyer. If you have resently had some experience with this in the Riverside County area any advise would be appreciated.
Best answer:
Answer by Big daddy
it depends on a few things, cheap one timeframe. Almost everyone is going FHA now, so the big banks are pretty backed up in their FHA divisions. Generally a finance company can get a file completed much quicker. Next are your qualifications, meaning mostly your credit and income. The lower the credit and the tighter the income, your probably better off going to a finance company as they have fha lenders that specialize in that type of scenario, but going through a broker means paying certain items, such as origination and discount, but keep in mind that any FHA discount fee you pay should be tax deductible (see a tax professional) Bottom line is anyone can promise you the starts and the moon, work with who you trust the most, not who promises you something, if they promise or quote you something, demand it in writing, this should weed out the jokers, ask about time frames, when you can expect to close, how long does underwriting take, how long is my rate lock. Talk to a few people, but do not let them pull credit, that could drive down your score, see who you like and proceed from there, good luck
What do you think? Answer below!
Your state housing finance agency may have the best programs available for you if you can work within there restrictions with regard to purchase price and income.
Here is a link with more information:
http://www.calhfa.ca.gov/homebuyer/programs/index.htm
I think your bank may be the best source for you, but of course you can call around and get some quotes on FHA loans as they should be fairly easy to come by. Understand that there is an upfront fee of 1.5% that is paid to the FHA regardless of who you use. That fee can be financed.
Our base costs for an FHA loan are $ 1,400 plus title insurance and recording fees.
Our HFA program has a standard rate of 6.25% on a 30 year, but requires a 1% origination fee and there is really no rate competition.
For regular FHA loans, we could either charge an origination fee to offer a lower rate or not charge one at a slightly higher rate. For example, we could offer 6.75% with 0 points or 6.50% with 1% origination. These fees can vary according to loan size with management approval.
Of course, the FHA will allow the seller to pay closing costs and even provide down payment assistance if you need it (at least for the time being so you may want to move quickly if you need that kind of assistance as it may be going away as of 10/1/2008 as a result of HR3221) no matter who you choose to use. Just be sure that your Realtor understands what they need to ask for once you have your pre-approval worked out.
The bottom line is that you want to work with someone who is going to offer the best rate/cost combination. Then you want to be sure that they do what they said they would do and that they will ensure that you get to closing on time.
I hope something I have said will help you with your decision and I wish you the best of luck and happy house hunting.
Try to get pre-approved with this Loan company. You can choose your own rate and term and how much you would like to pay for closing cost. They have several different option that you can choose from.
http://www.amerisave.com/partner/chongthong