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applying for loans in more than 1 state

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Sk323i
Regular Contributor

applying for loans in more than 1 state

I'm considering both CA, NV, and AZ as potential places for a move. Each of them equally at this point, and the loan is a major factor. 

 

Is it un-wise to apply for FHA loans with lenders in each state?

 

Are there lenders that are agnostic to states?

 

I'm thinking more about going with a smaller lender who may be more easy going when underwriting, etc. 

First Option

PrimeLending

 

Anyone familiar with Rocket Mortgage - is it specific to state when applying?

 

 

 

525 score as of 9/2015 --- only way to go is up!
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StartingOver10
Moderator Emerita

Re: applying for loans in more than 1 state

Rocket Mortgage is a marketing name that Quicken Loans uses. My experience through various customers (I'm a Realtor) is poor with Quicken Loans but others on this site have had success. I know that QL was sued by the DOJ for some FHA loan origination issues so I wouldn't consider QL under any circumstances. JMO. 

 

I'm not familiar with First Option so I can't comment on that one. 

 

PrimeLending is a good mortgage lender in my experience - large, not small. The quality of your loan experience will depend on the quality of the loan officer so make sure you can communicate with him/her to your satisfaction. 

 

FHA loans are nationwide and you would make application with the lender that will do the loan in any of those states. In other words, if you are looking to get an FHA loan, make sure the lender you are using can issue a loan in any of the locations you are interested in pursuing. You can get a pre-approval without a specific location, but you need a specific location (exact property and contract) to obtain the loan. You can't make application in 3 states with 3 lenders for an FHA loan - preapproval yes, but not a full mortgage approval. 

 

Having said that, I am not familiar with FHA issuing construction perm type loans. I may be mistaken, but I think they only do end loans.  An end loan is when the house is completed with a Certificate of Occupancy.  I am only bringing this up because of your other post inquiring about a construction loan on vacant land.  

Message 2 of 4
CaliforniaLoaner
Valued Member

Re: applying for loans in more than 1 state

Find a lender that can do loans in any of your states. Unless one of the states ends up being Texas who plays by their own fun mortgage rules, that would be the way to go. It's overwhelming to have to deal with that many lenders that will call you all the time and you can build a better working relationship.

Message 3 of 4
Sk323i
Regular Contributor

Re: applying for loans in more than 1 state

How would I find a lender that might do loans in every state?

I was trying to big avoid lenders (Chase) as I've have derogatory marks from them in the past (now long past settled and closed) -- I would think they would be more stringent on the underwriting of new loans.
525 score as of 9/2015 --- only way to go is up!
Message 4 of 4
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