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Do you have to work with a specific Realtor for FHA loans?

I'm looking to buy a home within the next year or so, and I'm interested in FHA/HUD backed loans, but I was curious if you had to work with a particular realtor? I thought I read on the website they have to be FHA/HUD approved and be a certain realtor.

I'm not really sure where to start, as my wife and I are first time homebuyers and are looking for some advice.

Thanks!
Andrew
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April 07 - Worcester
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Answers (21)

You Can Use any Local Realtor. FHA is a Loan Type, most lenders offer FHA Loans. Not all HUD homes however will qualify for FHA. I am an experienced agent in the Central MA area and have worked with HUD, FHA, and Bank Owned Homes. Feel free to reach out to me if you have any questions or need a recommendation to a local lender.

 
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May 01

No, the FHA loan is just a type of loan product. Check with your lender to make sure you have the best product to fit your needs. FHA has made some recent changes you should look into. All you will need then is a licensed Residential Realtor to help you.

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April 24
Profile picture for sunnyview
Nope. You can use any real estate agent to buy a house with an FHA loan. Make sure to ask your lender if they do them though. Many lenders do, but not all of them.
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April 24
Any REALTOR can help you buy BUT the lender has to be on the good guy list for FHA
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April 24
You need to work with a Realtor and lender that know what type of loan(s) the lender has qualified you for and reviews the listing indicated facts with you that meet you loan requirements or maybe items that would not be allowed or need to be corrected.  A common issue iwth FHA loans for example is peeling or chipping paint.  If the property is sold as is and the seller will not fix this item or allow it to be fixed then you may need to be able to do a rehab loan.  Some require a mimimum $5,000 or a maximum amount of work to be done for the loan for a streamline loan of $35,000 in repairs.  Over this a full rehab loan is needed with more costs, inspections, and guidleines.  You should work with an agent in the area your planning on buyin gin to make sure you have all options specific to that location. If you need more information contact me.  Just as no two houses are the same because of location and amentities or options at time 2 homes side by side are built, no 2 buyers have the same exact needs, wants, or financial situation.  Each buyer, seller, and hoe needs to has a unique set of facts that need to be considered.  If you have any questions or are not working with another agent contact me at maureenhbrennan@aol.com,  In the mean time I'd recommend starting with getting preapproved so you can review all your financning options and to make sure that only credit items that are accurate show up on both your credit scores and enrolling in a first time buyer class.  This way you'll be ready to buy when the time is right for you to purchase.  
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April 24
Profile picture for shadwell10201
Thanks for all the reply's! I'm more interested in FHA, I mentioned HUD because it seems like they go hand in hand on the government website...I do understand that they are two different things.

I don't want to ask too many questions here but how early should someone start preparing for an FHA "insured" loan? We are looking to purchase next Spring, but I feel it's probably a bit too early to speak with a Realtor or a lender a year in advance....?

Also, I was doing a search on the FHA website for FHA approved lenders...Does the lender have to be local? Or can they be from a different state? There is only 3 to choose from in Worcester, Ma.

Sorry if these are stupid questions!

Thanks!
Andrew
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April 09
No, the realtor should not matter even though you have an FHA loan. All realtors should be able to help you out with FHA financing. FHA is a common loan option that is commonly being used so most real estate and mortgage professionals should be experienced with it. Have you been pre-approved for an FHA loan yet? If not, I recommend that you speak with a lender as soon as you can. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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April 08
no just an agent who is well rehearsed in FHA transactions.
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April 08
no you may work with whom ever you please
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April 08

No, any Realtor can help you in the purchasing process with FHA and/or HUD homes. It would help to have a Realtor that is familiar with FHA loans and/or HUD requirements.  Knowing the guidelines on ether loan, will help structure your offer and knowing wither to pass on certain homes.  This could save you time and frustration.

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April 08
Absolutely not!!!  Every realtor is available to work with you as a buyer to purchase any type of home - conventional, FHA, REO etc.....[promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

Best of luck and every success!!
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April 08
not at all! You can pick any real estate agent you want to work with - I would say, look for a local agent in town, Google them, read reviews, interview 2-3 agents and pick one you think you can mesh well with, and go from there. :) Good luck! 
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April 08
No on FHA and HUD the Realtors need to be a registered agent.  Visit your local Realtor office and sit down with them for a buyer consultation.  
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April 08
No you don't but you do need to work with an agent that you like and trust.  HUD does require agents to register with them to make sure that they are licensed and insured. Any registered agent can assist you with homes on the HUD website.
  Agents should have knowledge about  the FHA loans and how they operate so you are not wasting time looking at homes that may not qualify.  A knowledgeable loan officer is sometimes more important to make the process go more smoothly and they work with a lot of first time buyers like yourselves and are able to answer all your questions.
When buying a home no question is stupid because in this ever changing real estate environment there should be a lot of questions. 
Hope this was helpful, and I see you posted from Worcester, they have a buy Worcester Now program that may be helpful to you.
Sue Como
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April 08
Excuse me if I'm wrong, but I think you are probably asking about buying a HUD foreclosure and not "interested in FHA/HUD backed loans".

HUD sells homes that they took back through foreclosure due to the FHA loan on them having been defaulted.  They sell them through an online bidding process at www.HudHomeStore.com.  You need to have a HUD registered agent submit the bids online for you.

But how you finance the purchase is up to you.  The realtor really doesn't have anything to do with that other than to offer you some guidance.  A mortgage loan officer is the person you deal with for the loan.  Most lenders will offer an FHA backed loan if that is the route you choose to go.  You don't have to use an FHA loan in order to purchase a HUD foreclosure. 
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April 08
A REALTOR should know the specifics about the different loans but she or he should also know different lenders to put you in contact with so you can get your information.A Realtor is not the lender and should not act as one but they should be able to lead you through the buying or selling process from step one to the finish line.
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April 08
An FHA loan is secured through a lender. An agent can help you identify lenders to work with.

The FHA insures the loans. It does not lend the money.

The requirements for an FHA loan are attractive to encourage home ownership.

It's VERY important that you speak with a lender though because so much about the mortgage market recently changed.

Good luck!
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April 08
Your question is two fold. An agent does not have to be FHA approved, but would be nice for him to have knowledge of what it entails. A lender should be qualified to do an FHA loan, just as a condo HOA should be FHA approved. A qualified loan agent should be able to guide you through this process. The second part of your question, a HUD property.  An agents broker should be approved by HUD to register on it.As I did, not difficult to do if your agent does not have his broker on it!! Hope this helps?!
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April 07
That is not a function of the loan, but it would be wise to have an agent experienced with FHA loans. 
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April 07

When BUYING a foreclosed home that is owned by HUD the REALTOR'S Broker has to be on the HUD list to be able to unlock the door.

FHA Financing requires that the LENDER be able to do FHA, not all lenders can

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April 07
No, it's the lender.  Some lender may not offer the particular program that you're interested in.  Any Realtor can show you any property you're interested in.  Now some properties may not qualify for an FHA loan, like a distressed property, for example.

Hope that helps.
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April 07
 
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