Are you applying with FHA mortgage lenders to buy or refinance your house? FHA’s guidelines are more flexible than those of conventional mortgage lenders.
However, the FHA loan is not a bad credit or subprime home loan.
Your income and assets must be thoroughly documented, your down payment must be sourced and tracked, any bad credit must be explained and the underwriter must be convinced to approve your loan.
That’s not a job for just any loan officer or mortgage broker, and you should not trust your mortgage application to a loan agent who’s been in the business about few months.
It’s a simple job to get your FHA Loan approved even though the guidelines are more flexible. You need an experienced mortgage broker with a solid track record to finally get your FHA loan approved.
If you have bad credit, it’s even more important for you to have a loan officer with a lot of experience.
Don’t trust your mortgage refinance or new home loan to your neighbor’s nephew’s wife or your Realtor’s best bud without making sure these folks know what they’re doing.
Why you need a professional FHA lender
Experienced mortgage brokers who work frequently with FHA mortgages keep up with FHA guidelines and program changes by taking continuing education classes — and they’ve had their work cut out for them lately.
There have hundreds of changes to FHA mortgage programs in the recent years. These changes are often dictated by government officials, so they’re not always logical or easy to understand.
The highly trained mortgage broker knows this and takes the time to learn about program adjustments and how they affect you, the borrower.
Dealing with related issues involved in FHA Loans
In addition, people who deal in FHA home loans all the time understand other issues that often also come up for borrowers — for example, if you’re a first-time home buyer, you might be eligible for down payment assistance, mortgage credit certificates or other help.
The wrong loan agent, though, will never think to tell you about this.
There are so many good lenders and smart loan officers. Don’t waste your time or money on those that are not!