Comments on: FHA Flexibility May Not Be Worth the Time!!!

By: Tiffany Taylor-Rodriguez

Tiffany Taylor-Rodriguez — Sat, 03 May 2008 06:06:57 +0000

Sounds like this Broker needs to take a training course…
This is not a normal case…

By: Tom Burris

Tom Burris — Wed, 16 Apr 2008 17:25:20 +0000

Too many loan officers are trying to use FHA now that subprime is dead and Fanie/Freddie have tightened.
The loan officer who were doing FHA when FHA wasn’t cool would have been just fine on a deal like this.

By: TC

TC — Wed, 19 Mar 2008 18:17:50 +0000

I did not know that you could go FHA on an investment property. I thought all FHA had to be OO.

By: Thomas Johnson

Thomas Johnson — Wed, 19 Mar 2008 06:38:45 +0000

We need to get fluent in FHA. Going forward at least for 2008, that is going to be where the action is. In ERAHouston, the 271,000 limit is well over average sales price, so we can find move up buyers solid values with great loans. IF you think rates are going up in the future, the best service you can give a buyer is to let them go forward with an assumable loan. If rates rise, they will have the most sellable home on the street. You can’t put a value on having a 6% assumable loan in a 12% market. Well, you can it’s just a little math.

By: Adfecto

Adfecto — Tue, 18 Mar 2008 21:32:08 +0000

Wow. I’m glad that I didn’t have those types of troubles when I used an FHA mortgage. I’d like to say that my loan process was actually very smooth. Of course, I was doing a very typical single family residence and had enough for the 3% down payment already sitting in a savings account. The only hiccup was that when my wife’s grandparents gave us a sizable gift shortly prior to closing it threw up a red flag and we were required to provide documentation that the money was a gift and was from a family member. I’m not sure why, because this money was used for purposes outside the immediate real estate transaction (upgrades and improvements for the home via a contractor). So other than getting a gift letter for unrelated funds (which took all of 24 hours to sort out) it was a very smooth transaction.