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June 25, 2009
FHA Loan
We are applying for either a FHA or Fannie Mae loan. Where would we get a better rate? Going direct to the bank or going through a mortgage broker?
Comments
Cris, whether you choose an FHA loan or FNMA loan should depend on several factors. One that stands out immediately is the down payment youre looking to put. If youre looking to 20% down then typically a FNMA loan makes sense assuming your loan limits are under 729,750. 20% on a conventional FNMA helps you avoid MI. Not the case with FHA. Also, you have to consider what type of property youre looking to buy. If its a condo then you have to make sure the buildng is FHA approved. Rates have been very similiar between the 2 types of programs. Rate is important but you must first see which is better suited for you. sunny.hong@bankofamerica.com
Posted by: shong1 at June 26, 2009 1:14 AM
Going direct to a bank can limit your choice of programs for either FHA or FNMA. Brokers have the ability to shop your around for the best rate and payment. Try the EOHC. WWW.EOHC.US. They have access to alot of great programs.
Posted by: Phil at June 29, 2009 10:21 AM
cris,
there are many diffrences when it comes to conventional financing or fha financing it all depends on the entire picture of your deal, and needs.
feel free to contact.
benjamin.levin@wellsfargo.com
we are lending money .
Posted by: Blev9701 at July 7, 2009 11:33 PM
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