Whether buying or refinancing everyone needs a mortgage plan. Where you get your home loan matters and here’s why. There are Fannie Mae guidelines, Freddie Mac guidelines, and Federal Housing Administrations guidelines that cover the overwhelming majority of the home financing options out there. For this reason many people think where you get your home loan may not be too important. But the reality is those three lending guideline sources just mentioned are not actual lending sources. Banks are the lending sources and every bank is different. They impose their own guidelines on top of the “base” guidelines offered by Fannie, Freddie, and FHA. Why do they do this? A couple reasons are so they can target a specific type of borrower and sell the loans to specific investors.
This is why working with a broker like The GreenHouse Group can be such an advantage. We can offer you several lending sources and always have a back-up bank if the first lending option doesn’t work. To learn more about what makes the mortgage broker option more attractive than a traditional bank check out Jeremy’s great post from a couple weeks ago titled Why Work With a Broker?
Here are a few lending niches from 4 different lenders with whom we are approved:
– 620 minimum Fico score for conventional financing.
– 580 minimum Fico score for FHA financing.
– Manual underwriting for loans that may not get approved due to messaging errors on credit reports.
– Condo financing for units located in communities with less than 10 units and multiple units owned by one owner.