In today's market, it is not uncommon for a buyer meet with several lenders to find the best program available to them. With first-time homebuyers there are Bond Money Programs, CRA Loans, FHA Loans, VA Loans as well as Fannie Mae's MyCommunity Programs. I have pre-qualified customers and recommended a program(for examples purposes, let's say an FHA Loan) only to find out a competing lender/broker has strongly discouraged this program. I have in the past suggested the borrower and I call the other lender/broker together to find out why this program is not the right fit. I ask the lender/broker directly if they are approved to offer that program. More often than not, it is because the competing lender/broker is not approved to offer FHA Loans.
The needs of borrowers is different for each loan and the merits of various loan programs can be debated endlessly without conclusion. Just make sure the reason a Loan Officer has soured on a particular loan program isn't just because they don't have it!
Michael Byrne
Mortgage Specialist
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Thanks, Joe for the response. It is not only FHA, but also Bond Money programs issued in many states as well. For New Jersey, there is an excellent program with the NJMFA that not everyone offers as well.