FHA loan questions

Who is the best person to contact regarding doing a FHA loan? It would be for a new loan not a refi.

We are thinking we might want to go this route IF we do move.

Do I contact my current lender on my current home? Wells Fargo.

Also does anyone have the criteria you need to be eligible for this type of loan?

Thanks!!

Re: FHA loan questions

You have to go to an FHA-HUD approved lender, but FHA loans are so popular (and common) these days, that many lenders offer FHA loans.

So I would talk to a lender or mortgage broker. They can advise you of the pros and cons of going the FHA route v. conventional, assuming you can qualify for both.

I can give you some recommendations if you need them.

FHA is popular because the requirements -- in terms of credit, down payment, etc. -- are less stringent than they are for a conventional loan. You can put as little as 3.5% down. However, there are some additional fees and requirements, such as paying mortgage insurance (I believe it's 1% upfront and then a monthly mortgage insurance payment -- the monthly payment just went up a quarter of a point again as of 4/18, which is like $30 extra a month for the average person). But I don't know the exact fees involved or insurance formula, so you should definitely consult an expert!

Re: FHA loan questions

my dh is a wells fargo mortgage banker if you would like his # he can give you any info you may need

Re: FHA loan questions

I would use Continental Home Loans

they bank more FHA loans then anyone else combined - wells, chase, citi etc

I am closing on a wells fargo FHA today that took 4 months to get a committment

Continental could have closed in in 3 weeks

FM me for recommendations