Can I work with multiple lenders?
This is my first time buying a property and I have been in touch with a few lenders who are helping me with pre-approval. What DTI should I have to get a higher loan amount? I want to get an FHA loan with 3.5% down. The home will be my primary residence. Can I work with multiple lenders or do I stick with one? I want to get the best deal possible which is why I am talking with more than 1 lender. by dantheman650 from Bloomfield, Indiana. Sep 30th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
most lenders will allow a dti 0f 43-45% ..some will allow 49% ...if you do not have a property yet- work with one lender to obtain the formal pre approval ...once you have a offer accepted and have a finite closing date - contact the pr e approval lender and any others you are considering on the same date and get their quotes for the loan needed - then make a decsion on proceeding with one .....you might also consider using a conventional loan versus a FHA loan ...the FHA loan can be pricey as there is UFMIP fee of 1.75% you have to pay plus the monthly mortgage insurance is permanent
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