Buying A Home
jesspacatc
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Preapprovals.....
Let's say we are undecided regarding a FHA loan vs conventional. Is it possible to obtain a preapproval for both? Or one and what we get the final deal and we can't further pursue other mortgages?
Re: Preapprovals.....
We did our original pre-approval through Wells Fargo and for them, it's two different approval processes. We wanted to change from FHA to conventional and they had to withdraw the FHA pre-approval and refile as conventional. If you're using a mortgage broker you might be able to have both at the same time.
I would suggest getting it as conventional as most sellers find that more appealing than FHA. I'm pretty sure you can go FHA once you're under contract if you want to, even if they accept your offer as conventional.
You can get pre-approved for both. Conventional will be cheaper but FHA is easier to get and will require less down payment. I can see how one bank's system may not allow for both but you can use two different banks or mortgage brokers. You should definitely shop around. I've heard bad things about Wells Fargo appraisers.
Edited by moderator. Against TOS.
We went with wells Fargo and didn't have any problems at all. We aske to be preapproved both ways (I think he had to enter it in twice) and we had a GFE drawn up. We ended up going with a 5% down conventional after looking at the monthly costs and amount to bring to closing.
However when writing up our offer we had to put the type of mortgage and %down payment. FHA loans have more criteria for the house to meet so it would be best to 1) talk to your agent first but 2) I assume write an offer as an FHA loan and then you could switch to conventional.