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Trying to get an FHA loan,should I try more then 1 lender?

I'm self employed don't have the greatest credit score,then again I only pay for one car loan and that's it.No credit card expenses.Have already applied for an FHA with one lender,and I'm waiting for an answer soon,should I go after other lenders or just wait?

Update:

And I'm in cincy Ohio,579 credit score,if that helps!Thanks in advance for any info.

1 Answer

Relevance
  • 1 decade ago
    Favorite Answer

    Being self employed is a hurdle in itself to get a mortgage. Double that with having under par credit, and it might be hard for you to get a loan. What is your credit score? Also, they will want 2 years of tax returns and also they will consider your income to be what you make AFTER deductions, not what you gross with your business. Since lenders usually charge an application fee, I wouldn't go around looking for someone else unless you get turned down by this one. What you could have done (or still do) is use a site like Lending Tree which will give you different lenders who may work with you.

  • Mike
    Lv 6
    1 decade ago

    The requirements are FHA requirements which are the same for all lenders so if one turns you down, it is likely that the others will also.

    The only difference may be the interest rate and points that you pay (banks decide on the interest rate and points).

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  • 1 decade ago

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