Lenders Of Chicago FHA Loans With No Lender Overlays
This Article On Lenders Of Chicago FHA Loans Was UPDATED On May 31, 2017
Google Lenders Of Chicago FHA Loans… Don’t be surprised how many so called Lenders Of Chicago FHA Loans pop up.
- However, how many on the list are actual mortgage companies and how many are lead generation companies?
- Many mortgage companies rely on lead generation companies like Lending Tree, Zillow, and other third party lead generation companies for purchase and refinance leads, however, these lead companies sell leads to not just one mortgage company but dozens of companies where potential borrowers get bombarded with calls.
- Searching for actual lenders on the internet can be very helpful for borrowers with challenged credit or those looking for a specialty lender where they have no lender overlays.
Choosing Lenders Of Chicago FHA Loans On The Internet
Borrowers should also not believe everything you read. Most of these companies are simply trying to get as many leads as they can by promising programs for the most part they don’t have or virtually nobody qualifies for. When home buyers are looking for mortgage lenders, especially first time home buyers, they do the following:
- Visit their local bank
- May get referrals from real estate agents, work colleagues, friends, family
- Go on the internet to search for lenders
Most mortgage borrowers are not familiar with the mortgage process because it is not often they apply for a mortgage. Home buyers often may purchase a home once every five to ten years and mortgage regulations change often. One important thing borrowers do not understand is that not every mortgage lender has the same guidelines.
There are two types of mortgage guidelines:
- Federal mortgage guidelines that is implemented by FHA, VA, USDA, Fannie Mae, Freddie Mac
- FHA Loans are by far the most popular loan program for first time home buyers and buyers with bad credit or higher debt to income ratios
- Most mortgage companies have Lender Overlays which are higher lending standards instituted by the individual lender than the minimum mortgage guidelines required by HUD (On FHA Loans), VA (On VA Loans), USDA (USDA Loans), Fannie Mae and Freddie Mac (On Conventional Loans)
Google Lenders Of Chicago FHA Loans
According to Massimo Ressa, a 15 year mortgage industry expert and branch manager of Finance of America Mortgage, borrowers who Google Lenders Of Chicago FHA Loans, they are going to find a bunch of lenders that are trying to do just that. Try not to be a piece of these internet marketers. Viewers have to know a little bit more about how FHA lenders think in order to make an educated guess before you even think of shopping your possible loan scenario to someone on Google.
Google Is The Greatest Way To Access Information
Google is the greatest way to access information, find answers, search products, and just about search anything to ever come into existence.
- However, when mortgage borrowers are shopping for any types of loans whether they are VA Loans, USDA Loans, Conventional Loans, or FHA Loans on the world wide net, they need to have to exercise some caution. Are they contacting an actual mortgage lender or a lead generation company?
- Lead generation companies will sell information to dozens of mortgage companies and potential borrowers can get flooded with many solicitation calls by lenders who may or may not be able to help the individual mortgage borrower.
Chicago Lenders Of FHA Loans
Many FHA Borrowers may think that just because a FHA Lender offers FHA Loans that they all have the same lending requirements. This is not the case.
- There are two types of FHA Guidelines. HUD has their minimum FHA Guidelines and each FHA mortgage lender can have their own lender requirements call mortgage lender overlays which are their own lender requirements that may surpass the FHA Lending Guidelines.
- For example, FHA only requires that a mortgage borrower have a 580 FICO credit score to qualify for a 3.5% down payment FHA home purchase loan.
- However, most banks require a 640 FICO credit score for borrowers to qualify for a FHA Loan.
- This higher credit score requirement is called a FHA Lender Overlay on credit scores.
Home buyers who need a FHA Lender with no lender overlays, contact Gustan Cho at 800-900-8569 or text Gustan at 262-716-8151 or email us at email@example.com.