The Mortgage market has radically changed. If you are in the
market to refinance in Virginia, Maryland or Washington DC, it is best
that you contact a mortgage lender or broker who is well versed in FHA
mortgages, and all other options.
Not all FHA brokers or lenders are the same. They have different parameters and different rates. A well versed broker or lender will have a wide variety of options and will instinctively know which one fits your needs. If you pick the wrong lender or broker, you may end up getting a loan that is not the best one for your situation, or you may not qualify.
Some FHA brokers are only qualified to deal with one lender, and all they can do is hope that your situation fits the parameters of that lender. Other FHA lenders finance the loans themselves, and sell them to a specific lender. Many times, these lenders will have guidelines that are more strict so that they can be sure that they can sell the loan after it closes.
For example, these days most FHA Lenders require minimum credit scores. They differ from lender to lender. There are a few lenders that have specific programs, that will allow you to get out of an adjustable rate loan, even if your credit scores are low, provided you have met certain guidelines.
Another example is that many brokers, who, in a rush to get qualified to handle FHA loans, will have a very limited amount of options available, and very little experience in knowing how to get them approved.
Not all FHA brokers or lenders are the same. They have different parameters and different rates. A well versed broker or lender will have a wide variety of options and will instinctively know which one fits your needs. If you pick the wrong lender or broker, you may end up getting a loan that is not the best one for your situation, or you may not qualify.
Some FHA brokers are only qualified to deal with one lender, and all they can do is hope that your situation fits the parameters of that lender. Other FHA lenders finance the loans themselves, and sell them to a specific lender. Many times, these lenders will have guidelines that are more strict so that they can be sure that they can sell the loan after it closes.
For example, these days most FHA Lenders require minimum credit scores. They differ from lender to lender. There are a few lenders that have specific programs, that will allow you to get out of an adjustable rate loan, even if your credit scores are low, provided you have met certain guidelines.
Another example is that many brokers, who, in a rush to get qualified to handle FHA loans, will have a very limited amount of options available, and very little experience in knowing how to get them approved.
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