FHA Loans: Using a Mortgage Lender vs a Mortgage Broker

[Cameron H.]

I'm looking for an FHA loan to help finance a 2-4 unit apartment in either the Bay Area or Los Angeles in one year's time. In securing an FHA loan, you can choose to work with a mortgage broker or a mortgage lender. A lender is a financial institution that makes loans directly to you. A broker does not lend money but finds a lender for you.

I am looking for a lender or broker that will underwrite exactly to FHA guidelines with little to no overlays. In my preliminary search, I've found that most lenders often have overlays on top of the minimum FHA requirements whereas some brokers do not.

How have you gone about securing FHA loans and how was your experience? Which would you recommend? How should someone go about securing an FHA loan with little to no overlays?