Skip to main content

First time home buyer. How do we move forward if we don't know which type of loan we want?

Okay so based on discussions with lenders we can be pre-approved for a $210,000 FHA loan, or a $185,000 USDA loan. We are looking in rural and suburban areas so until we find a specific house we want to make an offer on we won't really know if we can use a USDA loan. In that case, what kind of pre-approval letter should we be taking with us to offers? FHA because it's a higher amount? Both (is that even an option)?

If we take one kind of pre-approval but end up finding a house that better matches the other kind of loan, do we just shop around again for the different loan once our offer is accepted?

submitted by /u/doxy_cycline
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ika3js/first_time_home_buyer_how_do_we_move_forward_if/

Comments