WHEDA/FHA loans...

[-stew-]

Who's got one and
Who did you go through to get it? I took the WHEDA first time home buyers class a few months ago and they had a banker from M&I give her little schpiel then they kinda steer you to her when you are ready. That's all fine and good except she never answers her phone (it goes directly to voice mail) and doesn't return messages. So I'd like to find a broker that is familiar with WHEDA/FHA/VA loans, and any current grants and programs available. Hope you can help!!

[Josepy]

This is the dude that Just pre approved us. Awesome guy and very prompt. Tell him I sent you Joe.

James J. Ryan
Senior Loan Officer
Commonwealth Mortgage Group
Office - (262) 691-6100 EX. 219
Fax - (262) 691-2112
Cell - (414) 406-3213

[jamest]

This is who my wife and I went with for our mortgage.

Cyndie Higgins
(414) 352-8713 ext 16
cyndie.higgins@greatmidwestbank.com

[xxsn0blindxx]

We have an FHA loan. Rob is a great guy to deal with, only competent person in the whole process.

Rob Lesner - Netcentral Mortgage
http://www.netcentralmortgage.com/
rob@netcentralmortgage.com
414-258-7822

Tell him Joe Ng sent you.

[GTSLOW]

Who's got one and
Who did you go through to get it? I took the WHEDA first time home buyers class a few months ago and they had a banker from M&I give her little schpiel then they kinda steer you to her when you are ready. That's all fine and good except she never answers her phone (it goes directly to voice mail) and doesn't return messages. So I'd like to find a broker that is familiar with WHEDA/FHA/VA loans, and any current grants and programs available. Hope you can help!!

USAA/VA

Pending you're still the the Reserves

[URLOZIN]

I went with an awesome FHA guy, but he's in Janesville. So not much help to you. Good luck!

[jbiscuit]

FHA is a great program if you can get through them hacking apart any house you get an accepted offer on. They made the previous owner of my house climb up on a ladder in Feb to paint one spot on the cedar shake siding that had a chip. They are looking out for you and their loan but they can be a bit ridiculous at times. I painted the entire house 3 months later anyways and told them I had no issue doing so. Didn't matter

[PureSound15]

Go through a credit union!

[PB86MCSS]

FHA is a great program if you can get through them hacking apart any house you get an accepted offer on. They made the previous owner of my house climb up on a ladder in Feb to paint one spot on the cedar shake siding that had a chip. They are looking out for you and their loan but they can be a bit ridiculous at times. I painted the entire house 3 months later anyways and told them I had no issue doing so. Didn't matter

When we tried to re-finance last spring it would of been through an FHA loan IIRC, they wanted us to paint the window around our garage (that no one can see unless you are back there) and the upstairs kitchen ceiling that had paint peeling in a few spots. I mean, just paint not a huge deal but to hold up anything seemed ridiculous. It was like they were just trying to find some crap. And of course the re-fi didn't work since our appraised value was so much lower than what we paid for the house and don't have much equity yet.

[xxsn0blindxx]

FHA is a great program if you can get through them hacking apart any house you get an accepted offer on. They made the previous owner of my house climb up on a ladder in Feb to paint one spot on the cedar shake siding that had a chip. They are looking out for you and their loan but they can be a bit ridiculous at times. I painted the entire house 3 months later anyways and told them I had no issue doing so. Didn't matter

I did not experience this when we purchased our home. We just had a standard home inspection, which didn't turn up any major problems. There were a couple items on par with you siding issue and nothing had to be done before closing.

[jbiscuit]

Just sometimes depending on the loan, the house intended for purchase and the FHA inspector can make this a real pickle to get the deal done. My FHA inspector was a real stickler for expecting a 'perfect' home to approve the house for the sale to go through. I believe he was there 2-3 times to inspect it and also sign off on the repairs he wanted made. I was the one buying the house and I was fine with the minor sh1t. I knew I was going to be painting anyways so who cares. The prior owners were good sports about the whole thing too, doing the bare minimum to satisfy the inspector. Like constructing a railing on the patio door stairs out of 1x1's

[4eyedstang]

here's two questions to ask a prospective lender.

1. is there a filing fee?

2 do they charge you the $1500 "FHA filing fee"

you shouldn't have to pay for either at a decent bank.

[PureSound15]

here's two questions to ask a prospective lender.

1. is there a filing fee?

2 do they charge you the $1500 "FHA filing fee"

you shouldn't have to pay for either at a decent bank.

You're right. There's a 1.75% (or something close to that) funding fee through FHA, but no declared filing fee. FHA loans are not a bread winner for any institution, so they'll tack on whatever they can to make a buck.

[Feature Pony]

Pyramax Bank does Wheda loans call the main branch on 75th and edgerton. Credit unions suck!

[PureSound15]

Credit unions suck!

Lol ok.

So you'd rather go to a large bank or broker who is going to have..

Higher closing costs (because the "regulations" are slim to none)
Higher rate (Commission broker would rather have you at 5 3/8 than 5 1/8 because they'd get a better pay check)

Higher underwriting fees - because they have their own underwriting fee, and then have to pay the 3rd party to actually underwrite it. ($+/_495 vs a CUs $+/_195)

OR

You can go to a credit union that can handle FHA & WHEDA loans just the same, but are not for profit so their best rate is literally their best rate (Vs. playing the game with a broker).

+ If it's a port loan through a credit union, and you can make bi-weekly payments



You can save $30k in Interest and 4.5 years of payments on a 100k loan at 4.75 APR

+ Credit union mortgage banker is salary (Well, most), so all they care about is that you're getting the lowest rate and lowest costs.

+ Credit unions can offer relationship based pricing. I.e. if you've got your mortgage through a CU, you've got a huge relationship that will enable you to save money on auto loans or get better deposit rates in the future.

+ Even if you can get your seller to pay your closing costs, why would you rather have them pay the $2k+ in closing costs through a broker, vs picking up the cheaper closing costs through a CU, and taking that $2k of the principle of the home?

+ The average overdraft or NSF fee is $25 at a CU, vs $35 at a bank in addition to hundreds of other fees where a credit union will be MUCH lower 99% of the time, because they don't rely on non-interest fee income to pay their stockholders that credit unions don't have.


The comment of "Credit unions suck" isn't at all helpful to someone who doesn't want to throw their money away. There are some small banks that operate very much like a credit union, though.

[pOrk]

Conventional loans offer better interest rates, so if you have good credit keep that in mind. I got a fill percent better on my conventional loan then I would have gotten with an fha. I locked in at 5.25

[Feature Pony]

Lol ok.

So you'd rather go to a large bank or broker who is going to have..

Higher closing costs (because the "regulations" are slim to none)
Higher rate (Commission broker would rather have you at 5 3/8 than 5 1/8 because they'd get a better pay check)

Higher underwriting fees - because they have their own underwriting fee, and then have to pay the 3rd party to actually underwrite it. ($+/_495 vs a CUs $+/_195)

OR

You can go to a credit union that can handle FHA & WHEDA loans just the same, but are not for profit so their best rate is literally their best rate (Vs. playing the game with a broker).

+ If it's a port loan through a credit union, and you can make bi-weekly payments



You can save $30k in Interest and 4.5 years of payments on a 100k loan at 4.75 APR

+ Credit union mortgage banker is salary (Well, most), so all they care about is that you're getting the lowest rate and lowest costs.

+ Credit unions can offer relationship based pricing. I.e. if you've got your mortgage through a CU, you've got a huge relationship that will enable you to save money on auto loans or get better deposit rates in the future.

+ Even if you can get your seller to pay your closing costs, why would you rather have them pay the $2k+ in closing costs through a broker, vs picking up the cheaper closing costs through a CU, and taking that $2k of the principle of the home?

+ The average overdraft or NSF fee is $25 at a CU, vs $35 at a bank in addition to hundreds of other fees where a credit union will be MUCH lower 99% of the time, because they don't rely on non-interest fee income to pay their stockholders that credit unions don't have.


The comment of "Credit unions suck" isn't at all helpful to someone who doesn't want to throw their money away. There are some small banks that operate very much like a credit union, though.

I know so many people that have gotten bent over by Landmark a Credit union including myself. I got bent over from Kyle Credit union on my house, kyle did my pre approval and I had 20% down, after my offer was accepted on my house I had 3 weeks to close Kyle tells me maybe this isn't my cup of tea! I was like WTF????? Good credit score no debit and I have 20% to throw down, my relator told me about Pyramax bank and I was freaking out cause Kyle made me think that my credit was wacked up. The lady at pyramax laughed and I was approved with no problems! I pulled all of my money out of credit unions, and landmark wouldn't refince my cobra when I owed on it the rate went down from 6.5% to 5.9% they told me I would have to pay $3000 cause that is what I would save by refinacing. Rip offs if you ask me. I got 4.35% fixed rate for 30 years from Pyramax and its a Wheda loan.

Funny thing is the lady at Kyle when asked about a Wheda loan the lady said I wouldn't qualify for it cause I make to much money and that the loan is garbage anyway but kyles rate at the time was 5% for a 30 year fixed.

[PureSound15]

I know so many people that have gotten bent over by Landmark a Credit union including myself. I got bent over from Kyle Credit union on my house, kyle did my pre approval and I had 20% down, after my offer was accepted on my house I had 3 weeks to close Kyle tells me maybe this isn't my cup of tea! I was like WTF????? Good credit score no debit and I have 20% to throw down, my relator told me about Pyramax bank and I was freaking out cause Kyle made me think that my credit was wacked up. The lady at pyramax laughed and I was approved with no problems! I pulled all of my money out of credit unions, and landmark wouldn't refince my cobra when I owed on it the rate went down from 6.5% to 5.9% they told me I would have to pay $3000 cause that is what I would save by refinacing. Rip offs if you ask me. I got 4.35% fixed rate for 30 years from Pyramax and its a Wheda loan.

Funny thing is the lady at Kyle when asked about a Wheda loan the lady said I wouldn't qualify for it cause I make to much money and that the loan is garbage anyway but kyles rate at the time was 5% for a 30 year fixed.

Wow what a shitty experience. I've never heard of any place charging you what they're losing to refinance your loan with them.

I've worked for 2 large credit unions now and have never heard of anything like that at all. sounds like you got a great deal through Pyramax, though. 9/10 it comes down to what lender you end up with.

[-stew-]

I called Rob at Netcentral and have an appointment for monday morning. Thanks Joe!!

[Russ Jerome]

When your all aproved do not look at "short sales" if you plan on closing prior to the $8000 credit ends, short sales mean no sale.

If you find a foreclosure make sure the seller is'nt BOA aka: Bank of America, you can sit out front with a wheelbarrow full of crisp $100 bills and they will close the curtain and turn the phone off. Any doubt just Google BOA nightmare.

I have a casheirs check for $130,000 dated last September I cant give BOA on a home that is forclosed now, they would rather pay tax's on an empty house than accept cash for it.......Obama bailout, what a great idea for wealthy bankers!