FHA Loans Oregon

Now that you have found a FHA Mortgage Loan Officer that is accessible, it is time to find out if they are the right one for you. So, it is time to ask some questions. First of all, I think you need to ask if they are working for a company that is approved to originate FHA loans. A real basic question, but it is amazing how many people aren’t. Next, how about asking them about their FHA loan experience? How long have they been originating FHA mortgage loans? What kind of FHA mortgage loans do they originate? Do they know the difference between a 203b and a 203c? (203c is on a condo and they should know that and not have to look it up.)

You can ask for references, and the best ones would be Realtors® that they have recently closed a loan with and it should be recent, not from several years ago. Ask about their experience in FHA loans. Do they read the Mortgagee Letters (for that matter, do they know what they are?) Can they finance manufactured homes with an FHA loan? Can they do an FHA 203k Streamline? Have they done one? Do they know the FHA loan limit in their county without looking it up? (Lane County, $343,750) What percentage of the purchase price can the seller pay toward closing costs? (6%)

If they can answer all of these questions correctly, you probably have a knowledgeable loan officer and I would suggest you start your relationship. Now, a few other things to consider: experience doesn’t necessarily mean they know what they are doing. I am not an expert in FHA loans, because things are always changing in the lending field. I remember what my dad told me about being an Expert: If you break it down into its parts, you have EX or has been and SPURT or drip under pressure. So, an EX SPURT is a has been drip under pressure. Seriously, if you are not keeping up with the latest information out there, what you knew in the past won’t help in today’s lending environment.

If you have any questions, please feel free to fill out the contact form below. Also, I am nearly always reachable through my cell, 541-221-3455 or my e-mail, eugeneloanguy@gmail.com. Even if you are out of my area, I am happy to answer your questions. Just don’t call me an expert. J  My next installment will be about what you need to prepare to give your FHA Mortgage Loan Officer.

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