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OK, so my wife and I are gonna jump in and buy our first house. We're specifically looking at FHA b/c we just have the whopping 20% to plunk down. We easily surpass the 3.5% requirement. My question is that I can easily be pre-approved through my credit union. But if I want to shop around, how do I get mortgage rate quotes without each additional quote negatively impacting my fico scores? I'd hate to get one reasonable rate quote, then proceed to another potential lender and have them give me a weaker rate quote just b/c someone else had already done a hard pull on my scores and info.
Also, I we were planning to put down approx 8 grand. If we have to pay the closing costs(which I believe are 6-7 grand) that'll eat away our down payment. In FHA, is there any way to load the cost cost onto the the mortgage note and pay that 6-7 grand out over time? I read in another post that it's possible to use the $8000 first time homebuyer credit directly against closing costs. Is this legit? Should I put this question to each potential lender?
FHA really only has one rate, although it changes frequently. However, you'll want to make sure the rate you're quoted IS the going rate. If you keep all your loan shopping to a couple weeks it will only count as one inquiry on your credit report.
It is true you can use the $8k for closing costs, you'll just have to make sure your lender is on board. You can also ask the sellers to pay closing costs.
ask for a good fait estimate from those you are shopping.
get these estimates on the same day.... rates fluctuate daily right now