How to get started...

[sherizel73]

I'm a first time potential home buyer and have been trying to do some research but have a few basic questions.  

1. Where do I go to get an FHA loan, any bank or is there a certain place to go that is better than others?  

2. How do you know which properties are FHA acceptable, you just have to ask?

3. I've been looking at townhomes and various communities offer their own financing.  Is it worth going through that process or am I better off going through a bank first to see if I can get approved?  

My credit score is 669.  Thanks! 

[primeonetx]

You can go to any FHA-approved lender and the big banks are actually the worst - - they have terrible reputations and are being sued and fined by regulators left and right.  Mortgage bankers are probably the best bet.  As for "acceptable" properties, for most part they can't be below average and can't have physical defects.  That's stuff your Realtor should know.  Do not use seller financing unless the terms are as good or better than those you can get with an institutional lender.  Sellers don't follow the same rules and don't use generally accepted (and vetted) legal forms.  They can use anything they want, for the most part.

Scott Drescher

[DallasLoanGuy]

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@sherizel73 wrote:

I'm a first time potential home buyer and have been trying to do some research but have a few basic questions.  

1. Where do I go to get an FHA loan, any bank or is there a certain place to go that is better than others?   if you have a realtor, ask them for a referral. if not, ask friends/relatives/coworkers for a referral to a good loan officer they liked.

2. How do you know which properties are FHA acceptable, you just have to ask?  your realtor should know

3. I've been looking at townhomes and various communities offer their own financing.  Is it worth going through that process or am I better off going through a bank first to see if I can get approved?    get pre-approved first....  if they offer a better deal/product..... you aren't bound by the priginal pre-approval

My credit score is 669.  Thanks! 

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