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How do I find a reputable lender?
Home » Real Estate » Obtaining Financing for a House » How do I find a reputable lender?Look for a lender the same way you search for a doctor, lawyer or real estate broker - ask your friends and acquaintances.
Experts say that consumers should also ask lenders if they are members of the Mortgage Bankers Association or the National Association of Mortgage Brokers, which have ethic codes that members agree to abide by.
Find out if the lender is authorized to make Federal Housing Administration loans. For a lender to get FHA approval, it must have office space, a resume, credentials and a demonstrated minimum net worth of $5,000 that is audited by a certified public accountant. The FHA also checks a personal credit report on each of the principals of a mortgage company.
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