Are all FHA Lenders the same?

[CJ Lee]

Hi BP Community... I am looking for an FHA lender for a triplex purchase. I've read up on FHA requirements but haven't been able to find any tips about FHA lenders. Are all FHA lenders the same? What should I be aware of when considering FHA lenders? Thank you.

[Russell Brazil]

No. Every lender is different. I always suggest people get a referral to a lender (and really all professionals). Most people think they will be smart and shop around for the best rate or lowest fees, and dont understand that literally the rate changes with the bond market, so calling a couple different lenders hours apart can result in two different rates.  Also some lenders will quote the fees purposefully low to get you in, then the fees rise through out the transaction. Some lenders purposefully quote the fees high, so then they look like a rock star when the fees drop through the process.

A good agent if you have one, should be able to explain to you the pluses and minuses of different lenders in your area.  In a competitive market, the most important thing for a lender is the ability to close the loan and lose it on time.