looking to buy a home in oregon with fannie mae/FHA?

i am sick of renting and looking to buy my own home here in oregon! my mother and i are looking at Fannie Mae and FHA loans. but we are not 100% sure of the right way to go about getting a lone and not getting screwed over. i and my mother are both disabled we have jobs so the income is there! we did contact a century 21 lady and she told us to look at hudforeclosed.com it looks legit!
maybe some one on here has done this type of lone and can give some advice!

a reply to: eroutt

Go to a mortgage company and get prequalified. They will tell you how much you can borrow, and then you can decide how much you want to spend on a new house. Once you are prequalified, you can look at anything you like in your price range. Don't ask a realtor about finance, as they sell houses, and aren't in the money lending business, ask a mortgage lender. And don't be afraid to shop around for your rate either. If you have a 620 or higher (in my area that is the criteria for getting a good loan) you should be able to get a good rate and know up front, how much your monthly payment will be.

If for some reason, you aren't ready to buy just yet (credit or other), a good mortgage person will explain what you need to do to fix your situation and let you know about how long it will take. Usually, 6 months of fixing whatever was broke is good enough, sometimes a year. Don't be discouraged is it isn't right just yet.

Good luck!

a reply to: eroutt

Before shopping for your mortgage, you might want to check out JD Powers' 2015 U.S. Primary Mortgage Servicer Satisfaction Rankings. They rate Quicken Loans as the top mortgage servicer, with Citizens (Bank?) and Capitol One close behind, according to consumer surveys. So it's the borrowers rating the companies.

Keep in mind that although the FHA will "own" your mortgage, it will be "serviced" by another company, and can be transferred to another company for servicing at any time... I have heard that Quicken seldom transfers loans. Nor were they part of the fraudclosure and other improper servicing practices that brought down the housing market in 2008.

Make sure you understand the repayment terms completely. I would strongly suggest that you find a good 15 or 30 year FIXED mortgage... and run like hell from any Adjustable Rate Mortgages or any other "creative" type financing.

You may want to consider having your property taxes and homeowners' insurance included in the mortgage payment -- it's called "impounded." We do for simplicity's sake, and to avoid miscommunications, etc., between our mortgage servicer/insurance company/tax assessor. When some friends changed insurance companies once, there was some kind of miscommunication and the mortgage servicer just knew the old policy was cancelled but the new policy was not recorded, so the servicer added their own insurance, which was crazy expensive -- like 5 times as much! Sorting that out was quite a challenge. (But that was BofA, and they are among the worst offenders in mortgage servicing!)

And definitely get pre-qualified. Don't let the agent talk you into a higher home price or loan -- and they'll try! But you don't want to be "house poor." Figure out what you are comfortable with and stick with it! Once you have your pre-qualification, you can look for your perfect home and not worry about if you can get qualified, and it gives you a stronger negotiating position with the seller over someone who is not pre-qualified.

Good luck, congratulations, and enjoy

this is good info thank you guys i will look in to getting pre-qualified and all that!

a reply to: eroutt

I am a mortgage lender.

You definitely want to get your financing in order first. There are significant differences between conventional (Fannie / Freddie) and FHA. A good lender should be able to assess your situation thoroughly and lay out your options in detail. Getting a mortgage is way more complicated than many people realize. It isn't as simple as calling up Lendingtree and you get a mortgage.

Typically, your Realtor will have referrals of good local lenders. You should stay away from places like Quicken, LendingTree or the larger companies. Most of these places are nothing more than boiler rooms with glorified telemarketers posing as loan officers. Good loan officers are usually locally based and no successful loan officer is going to work at a place like Quicken et al. Loan officers build their business on referrals from past clients. Your realtor, co-workers, friends, and family are usually the best source for lender referrals.

Feel free to shoot me a PM if you have any detailed questions.

originally posted by: Edumakated
a reply to: eroutt

I am a mortgage lender.

You definitely want to get your financing in order first. There are significant differences between conventional (Fannie / Freddie) and FHA. A good lender should be able to assess your situation thoroughly and lay out your options in detail. Getting a mortgage is way more complicated than many people realize. It isn't as simple as calling up Lendingtree and you get a mortgage.

Typically, your Realtor will have referrals of good local lenders. You should stay away from places like Quicken, LendingTree or the larger companies. Most of these places are nothing more than boiler rooms with glorified telemarketers posing as loan officers. Good loan officers are usually locally based and no successful loan officer is going to work at a place like Quicken et al. Loan officers build their business on referrals from past clients. Your realtor, co-workers, friends, and family are usually the best source for lender referrals.

Feel free to shoot me a PM if you have any detailed questions.

This is great advise. Go local, and deal with a real person. The personal service is worth it's weight in gold. A good loan officer will make the whole process smooth and seamless. Just be sure to do your part and get them the documents they need as fast as possible.

Fha and Fanny are going to require everything be up to date. (AC Windows Doors etc) You will not have good luck with older homes passing their inspection requirements. If you go that route look at new or newer houses.

Conventional loans are much easier to deal with if you have the means to do so when actually purchasing the house you love.

thank you guy for the great advice very help full

i am also thinking about getting a trailer first while i wait for the loan so i can save money!