The Mortgage market has radically changed. If you are in the market to refinance in Virginia, Maryland or Washington DC, it is best that you contact a mortgage lender or broker who is well versed in FHA mortgages, and all other options.
Not all FHA brokers or lenders are the same. They have different parameters and different rates. A well versed broker or lender will have a wide variety of options and will instinctively know which one fits your needs. If you pick the wrong lender or broker, you may end up getting a loan that is not the best one for your situation, or you may not qualify.
Some FHA brokers are only qualified to deal with one lender, and all they can do is hope that your situation fits the parameters of that lender. Other FHA lenders finance the loans themselves, and sell them to a specific lender. Many times, these lenders will have guidelines that are more strict so that they can be sure that they can sell the loan after it closes.
For example, these days most FHA Lenders require minimum credit scores. They differ from lender to lender. There are a few lenders that have specific programs, that will allow you to get out of an adjustable rate loan, even if your credit scores are low, provided you have met certain guidelines.
Another example is that many brokers, who, in a rush to get qualified to handle FHA loans, will have a very limited amount of options available, and very little experience in knowing how to get them approved
Joel Steinberg, of Alexandria, is a mortgage loan consultant affiliated with MortgagePrime in Vienna Virginia. He has over 20 years experience dealing with obtaining mortgages for his clients. He is current with all the new programs, including FHA, and Jumbo loans. He also assists people in getting placed with better loans as soon as possible after a Chapter 13 is discharged, or one year after the Chapter 13 started. He can be reached at 703 637-3746, or on his cell at 703 298-6198
