Where is it best to apply? In a hurry....

[Anonymous]

My husband and I are both currently deployed and would like to apply for a mortgage right now. We have been working on our credit scores for the past several months and want to avoid "shopping" around. Can anyone offer advice on how to go about getting some comparisons without running our reports several times. We are interested in both FHA and VA loans and have  20% of the purchase for a down payment.

Each of our average credit scores are about 625 and we are not sure whether we should start with our own bank or otherwise. Any advice would be helpful.

Message Edited by brewcrew on 02-06-2009 10:17 AM

[Anonymous]

Anyone?

[ShanetheMortgageMan]

Why are you in a hurry?  Being in a hurry and finance, or real estate, usually is not a good combo... as often  emotions usually override your sense of objectivity.  Not knowing who you are though I won't make that assumption, which is why I asked.

You also said you want to avoid shopping around but then also said you want comparisons on different offers... they are the same exact thing.  The only way to get comparisons is to shop around somehow.

You can be concerned with getting the best deal for your situation and also be concerned with making sure you are getting the best service & information possible - they aren't mutually exclusive - and for the best chances of both of those concerns being quashed by the same loan officer is to ask for referrals from family, friends, co-workers, people you look up to, etc.

Because you would be eligible for VA that is going to be a good option to look into, especially with your lower scores and even with 20% down.  I'd make sure that your loan officer has sufficient knowledge about both VA & conventional mortgages... and since you are in the military I would think a trusted co-worker who has purchased a home would be a good start to ask for a referral.