June 29, 2022
Which bank has the best FHA loan options? Experienced borrowers know the answer to this question already; the best FHA lender is the one willing to work with your FICO scores, the type of home loan you need, and offers you the right rates.
But if you are asking the question, “Which bank has the best home loan?” you want answers that are more specific. How do you find a lender who can help? If you are searching online, you might try looking for the specific type of home loan you seek.
Are you looking for an FHA One-Time Close construction loan? Searching with that specific phrase will help. But it can also pay to search more specifically than that; try looking for “FHA Construction Loans in Texas” in Google.
That advice can help you find a variety of different lenders, but what should you be looking for in a participating FHA lender once you start trying to choose from the results you’ve gotten in your search?
It may help to look at lender reviews online; you will find plenty of finance-oriented blogs and websites that review mortgage lenders on a regular basis.
There is a sliding scale of quality and attention to detail with these blogs, so it is a good idea to read more than one review and to check the date of those reviews to ensure you aren’t reading information that is four months out of date.
To learn which bank has the best FHA loan it may be necessary to review these lenders for one important feature–transparency.
A lender who is not transparent about its loan options, who services the mortgage, and the kinds of fees and costs to expect may not be the right one for you. Especially when you are just trying to gather information and not ready to fully commit to the mortgage.
Some lender websites have plenty of information about their services, options, and terms. Others have websites that seem to be designed for the sole purpose of steering potential borrowers to fill out a contact form.
You’ll want to compare lenders who are transparent about their terms, rates, and financial qualifications, and choose the one offering the loan you need at a rate you can afford. Not all lenders will offer you the same options, and not all participating FHA lenders offer all possible FHA mortgages.
If you seek a lender who offers condo loans, you may have a harder time getting one in a housing market where they are not in demand.
The same may be true in situations where a borrower wants a manufactured home but the market doesn’t have much demand for them. Finding the right FHA lender means finding one offering loans for the property type you want in addition to offering good rates.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
Browse by Date: