FHA lenders are easy to find. But, not everyone who can make FHA loans has the experience necessary to guide you through the process. When seeking a mortgage professional, take a few minutes to ask them about their abilities. (Remember: the Federal Housing Administration insures FHA loans, it doesn’t make them).
Here are a few questions to ask potential FHA lenders:
- How long have you been working as a broker / lender?
- How long have you been doing FHA loans?
- How many FHA loans do you generally do in a year?
- Can you give me a quick overview of what to expect as an FHA borrower?
- Do you have any vacations / out-of-office time planned for the coming month?
- If you’re unavailable, who will help me with my loan? What is his/her experience?
- What kind of closing costs can I expect on an FHA loan?
When choosing a lender, try to find someone who is experienced and dependable. It’s also important that he/she has good communication skills. You will be working with this person a lot in the coming weeks – make sure that you’ll be kept informed about the process.
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