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I am in the process of getting pre-approved for my first mortgage. I applied at a local credit unio

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June 01 2013 - Greeley
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Answers (9)

Hello,

How many tradelines do you have?

Sounds to me like credit is not the problem and if you would like to go conventional that is always an options. There are a few things that are different about conventional loans as opposed to FHA lonas.

If you would like to talk further and get some questions answered (no obligation) feel free to contact me.
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June 04 2013
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 I was unable to qualify for the FHA because I didnt have enough trade lines.  My credit score is 790 and if I will qualify for a conventional loan I would prefer that. A second opinion would be great!!

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June 01 2013
If you would like a second opinion I'd be happy to help, what part of Greeley are you looking to buy in?  What was the reason given for you not qualifying for an FHA loan?
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June 01 2013
First, you need to feel comfortable with the total monthly payment. Just as SoCal mentioned, it's not all about getting to the absolute highest purchase price, you must be cautious. Actually LOOK at the monthly payment and make certain that this works with your monthly cash-flow. It seems that maybe there are some elements to your credit profile that doesn't work for one lender, but it does for another. Credit Unions are great, but sometimes a little bit more conservative. The other person you mentioned, that can take you to a 200K purchase price, concerns me. The difference between the two options is too vast to not explore other lenders with greater experience.
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June 01 2013
Profile picture for SoCal_Engr
"Who do I trust is looking out for me and getting me the best deal in the long run?"

Yourself. A "bigger loan" is no good if it puts you into a financial position you don't want to be in. Along the same lines, selecting the right mortgage product is important, too.

So...

Educate yourself on the basics of mortgages, and use this information to help you select a person to work with. And then? Listen carefully to their recommendations, ask questions, and - always - remember that they are there to "advise" you and act at your direction, not tell you what to do.
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June 01 2013
Profile picture for wetdawgs
If you are in Greeley Colorado, I've notice a number of posts on Zillow by several Colorado lenders in Advice.  This link goes to the profile of one who is quite close to your home.   If I had the opportunity to return to Colorado, he's the first I'd call.

Some of the homework you can do when you are looking for a lender in the ZIllow Pro directory is to check their contributions to Advice.   Some are very sensible and thoughtful.  Others are "call me".   I have my biases!

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June 01 2013
You trust a loan officer that has the experience, competence, and a track record for performing over the past 4-5 years. It appears that you have not had that benefit by not doing some homework first.  What you describe it very unusual so you need professional help.  Go to Find a Pro tab above and find a Mortgage Loan Officer in your area/state to look at their Profile and Reviews. Pick one that meets the criteria I outlined above and discuss your scenario.
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June 01 2013
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In the proscess of getting pre-approved for my first mortgage.  I applied at a local credit union for a FHA loan and didnt qualify.  I was however approved for a conventional loan for $130k with 5% down.  I checked with another lender to see if this was fair and he said he could get me $200k conventional with 5%down.  That is a big difference.  Who do I trust is looking out for me and getting me the best deal in the long run?

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June 01 2013
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If you click on "post reply", you can finish your question.
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June 01 2013
 
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