@MonsterMad28 wrote:
I got a pre-approval yesterday (took about 20 minutes) from Wells Fargo. $300k at 4.1%. I walked into Chase bank first but after all the paperwork I had to print I just did it online with WF because I could use PDF's. Chase will get back to me on Tuesday (LO was going on vacation I told him it was fine). I have WF & Chase (soon) should I shop around a couple more places? 300k was conventional and he (my WF LO) said we he could probably go 325 on that but 350 or higher with a FHA. My DTI is 7% and he said my score came back at 670. Next month it is going to go over 700 because of a massive DTI payoff.
Get a pre-approval with another lender that is not a big box type. Do some research on reviews for both Chase and Wells Fargo. Chase is for all intents and purposes not doing FHA loans. See this link: http://www.nationalmortgagenews.com/news/compliance-regulation/jpmorgan-leads-big-banks-out-the-door...
Here is a brief quote, but the article has much more info:
...
In the second quarter, JPMorgan Chase originated just 340 FHA loans, compared with 19,111 FHA loans in the second quarter of 2013. Meanwhile, the bank's overall home lending business is booming. JPMorgan originated $29.3 billion of home loans in the second quarter, up 74% from a year earlier.
Figures were not yet available for the full third quarter, but JPMorgan originated 97 FHA loans in July and August, according to the center's data.
JPMorgan is trying to reduce the risks of lending to borrowers with low credit scores and potentially greater chance that the loans will go bad.
Amy Bonitatibus, a spokeswoman for JPMorgan, said the company has significantly reduced FHA lending over the last year due to "the litigation risks, high costs to service and high delinquency rates." ....
Also, there is a huge interest rate difference if your mortgage mid score is below 680 if your LTV is high. The PMI is higher, if applicable, and your interest rates on conventional loans are score sensitive.
If I were in your shoes, I would check out other lenders with excellent loan officers. There are several right here on this board. Check with your Realtor. You can also ask your friends and family for referrals to good lenders (non-bank type). You could pm me or one of the others too if no one in your close circle has anyone they know and trust.
