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Hi Folks,
I am trying to obtain FHA mortgage, what is the best approach?
I have reached out to a mortgage company which has come out positively. Should I try more companies? This will create new inquiries on my credit report, will that not my report?
Will apprecite your valuable input.
Chanduwar
I recently started the FHA hunt. In the past two weeks, I've checked in with 4 lenders.
Generally, the initial pull could hurt your score a little, depending on your profile. However, subsequent pulls by a mortgage lender, within a short period of time, should not further affect your score. FICO is able to tell when someone is rate shopping for a mortgage or auto loan and generally the multiple such behavior leads to do not significantly impact your scores.
How did you find the lender you contacted? I've been using some of the lenders recommended by my buyer agent and some realtor friends elsewhere in NJ.
What's your mid score look like if you don't mind me asking.
All mortgage inquiries made within a 14-day window will only count as one pull in regards to how it affects your score. No harm in shopping around - remember to consider both rates and the communication/connection/responsiveness/skill of your loan officer.
My scores are as follows
Experian: 742
Transunion: 751
Equifax: 736
Would these scores have any issues getting the FHA loan?
With those scores, it would likely make more sense to go conventional. Any reason you are thinking FHA?
I have had a very difficult financial life. Could not save much. I want app 600K for a single family home and only have about 4% of it as my part of the purchase.
@Chanduwar wrote:I have had a very difficult financial life. Could not save much. I want app 600K for a single family home and only have about 4% of it as my part of the purchase.
Each county has a limit on the maximum amount for an FHA mortgage loan. What is your county's limit for an FHA mortgage?
How do I find that?
I live in Loudoun County, Virginia.
The maximum FHA loan limits for your county are: $625,500
Here is the link for you: http://www.fha.com/lending_limits_state?state=VIRGINIA
Here are the max loan limits for conforming loans (conventional) https://www.fanniemae.com/singlefamily/loan-limits
Here is a pdf for each county by state to check your loan limits for 2016 for Fannie Mae and Freddie Mac: http://www.housingwire.com/ext/resources/files/Editorial/Documents/FullCountyLoanLimitList2016_HERA-...
As mentioned above, your county is $625,500 and above that is a jumbo loan so you need to ask about jumbo loans.