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Go fill out a 1003 and fill it out. https://www.fanniemae.com/content/guide_form/1003rev.pdf https://www.fanniemae.com/content/guide_form/1003rev.pdf Ask for
by sharemywin 9y ago
Go fill out a 1003 and fill it out.
https://www.fanniemae.com/content/guide_form/1003rev.pdf https://www.fanniemae.com/content/guide_form/1003rev.pdf
Ask for Loan Estimate from a couple different lenders. They have to provide you one by law. Also, just look at the APR. It basically converts closing costs, mortgage insurance to rate.
Problem is the longer you lock the more lenders charge.
And rates go up and down every day.
Also, are you doing a construction loan or the builder owns the house until you close?
They're handled differently is why I'm asking.
Sorry Legal Disclosure. I probably don't need to disclose since it's just advice but better to be safe than sorry.
Robert Snyder II - NMLS 1594016
BancOhio FINANCIAL - NMLS 181032
- SnowingXIV 9y agoOh, great questions and I didn't even know about this being a thing, thanks! It's in a big new development and is a townhouse. A few have been built and are progressing through phases. I get to pick a few layout options so I think they are treating it as a new construction? Maybe? Edit: Actually it might be purchase. I have the home purchase agreement that I'm reading over if it's in there.
- sharemywin 9y agoI'm talking about like where you own the land, get bridge loan and convert it to a traditional loan. (Typical Construction loan) versus a builder where they build the house then sell it to you at the end.
- SnowingXIV 9y agoI believe it's definitely the later.
- sharemywin 9y agoI'm licensed in Ohio and Florida, but regardless of where you live, if you want, I can walk you through some things to watch out for. My website is http://www.2getpreapproved.com http://www.2getpreapproved.com or you can email me using the email in my profile. Also, here are some good flyers from Fannie and Freddie regarding conventional programs versus FHA: https://www.fanniemae.com/singlefamily/homeready# https://www.fanniemae.com/singlefamily/homeready# http://www.freddiemac.com/singlefamily/docs/home_possible_advantage_flyer.pdf http://www.freddiemac.com/singlefamily/docs/home_possible_ad...