Cole Taylor Mortgage and USDA/FHA Loans?

[natecooper75]

Has anyone used Cole Taylor Mortgage for USDA or FHA Loans? I was searching for lenders this morning and stumbled across their site. They have flyers that show they have a minimum required FICO score of 600 for both loan types. I understand that doesn't necessarily mean that the loan gets approved at that score, but I was just curious if other people had any experience with them. Feedback from anyone that may have had a lower score at the time would be a great help.

[Bobbin]

I've been using ColeTaylor and even though hubby and I both have 650+ scores it's been a major PITA with tons of conditions.

[natecooper75]

Are these conditions outside of what you normally see or are they just requiring a lot of different things?

[Bobbin]

I'm not too sure about what you 'normally see'. They wanted extra bank statements, explainations for deposits, any late payments, (any and all), an extra re-check appraisual, copy of the earnest deposit as well as the statement where it came out, a few different verifications from employers, last three years W2's. It wasn't horrible but they didn't ask for it all at once. They asked for 2 things at a time a million times and each time it was the 'last thing'.

[newhouse2013]

I used Cole Taylor and loved them. I applied on Aug 2nd, was approved (went through full underwriting upfront) on Aug 9th and closed on my house Sept 31st...my broker was great and I only had 2 easy conditions. I never had to supply documents more than once and everything my broker told me was going to happen or not happen was true. I went through USDA and didn't have a problem with them either. At the time my mid score was 664.

Good luck!

[ShanetheMortgageMan]

ColeTaylor's wholesale division (the part of the company that mortgage brokers work with) is very good (well, as good as the broker you are going with).   Their retail I've heard complaints about, but again has more to do with the individual loan officer rather than the company as a whole.