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This must be the most hardest process that any individual can go through.
I have read a couple of threads on here but I wanted to check if anyone had any recommendations on which banks are best to apply for a FHA loan (no fees, etc.). There are so many options but which banks should we apply with?
Me and my wife are planning on purchasing a home in East Meadow, Long Island. We are targeting the 300k range. Credit Scores are btw 670-710 and our combined income is 150k.
Your help will be greatly appreciated. Many Thanks.
Carry any debt? I believe those credit scores will get you in the very low 4% Interest rate range. If you carry little to no debt you should not have a problem.
We have student loans (about 35k) and pay those on time every month. Barely any balances on our credit cards (250).
Is Wells Fargo a good bank to deal with? I have a friend that just refinanced with them and they got an awesome deal. Wondering if I should go with Wells.
From my experience, no BOA.
I am doing refi with Wells, so far so good, much better than BOA and I heard credit union is also preferred way to get a mortgage.
With those scores, you could possibly get into the high 3's or very low 4's on your interest for an FHA loan. If you go Conventional, then somewhere around 4.25%, but it does depend on several factors.
I'd highly recommend looking for an experienced mortgage broker who deals with many banks. The big banks can be terrible to work with, but if you have everything in order, it won't be so bad.
First, all areas are different, ask your Realtor if there is anyone they recommend over others, or any you should avoid. In my are (Wash DC), preapproval letters from brokers are not well received due to the lack of control they have over underwriting and the closing packages getting out. The others that are not real welcome are the big, national corporate offices......Like USAA, or WF Relo group, or Quicken.
Other than that, trust your gut. Call around until you find the individual that takes the time to explain things to you........someone that answers your questions with patience. Make sure not only the loan officer you select has qualities that put you at ease, but your Realtor does too. Gravitate towards individuals that attempt to educate you about the homebuying process. These are the people that are trying to empower you with information, information on the largest investment of your life.
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