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Looking for FHA help in North Eastern Ohio

Hello, my fiance and I have a big plate in front of us. We will be getting married in the next couple of weeks and we have a baby on the way. We are currently renting an apartment that would cost us 2 times more than a monthly mortgage payment. 

Our credit scores are improving and are definitely better than the FHA requirements. We are in the works with Quicken Loans and have heard people having trouble with them. I am currently looking for a back up option to help us out. We have our Realtor and the house picked out. Now we are just trying to get pre approved to put in an offer for this place.

It's a modest home in a modest town. The asking price is 50k. We have 20% down. The down payment is coming technically as a "Gift" because we have money invested into her fathers investment account for a down payment on a house when we are ready. (Father and even his broker can attest to this). We got yanked around by Wells Fargo because they said that we needed a savings account in our bank to even begin to get approved for a FHA loan through them. I explained why would we put our money in a savings account when the investment account is making us more money. They wouldn't budge.

Combined we both make more than the house cost in a year. Things are seeming OK with quicken so far after explaining it to them. However, the lady was trying to push us through for a convectional loan instead of a FHA. Then she said even with a FHA with 20% down we would still be required to pay mortgage insurance.

Sorry for the long winded explanation of this but basically I want to try finding a good solid FHA loan specialist in around my area.


Thanks for your time. 
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October 10 2012 - La Croft
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Answers (1)

The US Atty General's allegations re WFC unjust enrichment, etc. is affecting WFC underwriting standards and practices re FHA home loans...

"As long as these companies fail to exercise ethical corporate responsibility to their customers and their obligations as participants in the Direct Endorsement Lender program administered by FHA, we will endeavor to investigate and hold them accountable. I commend the alliance of efforts between my office and the Departments of Housing and Urban Development and Justice, and especially U.S. Attorney Preet Bharara."
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October 10 2012
 
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Looking for FHA help in North Eastern Ohio
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October 10 2012 | 1 answers
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