I think its crazy how long some companies are taking right now to underwrite loans. Hire more people! Do they not realize how many loans they are losing by advertising 30 day underwriting times? I don’t know how anyone convinces a borrower to hang around for 30 days while a file sits in line for […]
Don’t wait weeks for answers on loans and don’t rush around at the last minute trying to get to closing. If you are a Loan Officer or Real Estate Agent looking for a lender who can get your FHA Loans closed with out all the hassles. Look no further.
What makes R P Funding Special?
R P Funding […]
This question comes up a lot, of FHA Requires Collections to be paid off when you get an FHA Loan. The answer is no, FHA has no requirement for collections to be paid off. Just like FHA has no requirement for a minimum 580 credit score.
Even though FHA does not require collections to be paid […]
Many real estate agents are realizing they need to understand FHA if they are going to make it in this market. This can be a great opportunity for Loan Officers who are knowledgeable in FHA to build new relationships by teaching them FHA. It has been years since FHA was the primary solution for home-buyers, […]
Many lenders who are jumping into FHA do not understand the implications of FHA neighborhood watch. Neighborhood watch is FHA’s way of monitoring lenders by comparing them to all other FHA Lenders. Many confuse Neighborhood watch with Credit Watch. Neighborhood watch is a system to track lender performance, Credit Watch is the rules and policy that leads […]
HUD released a letter to all lenders on April 1, 2008 announcing circumstances where a second appraisal will be required. We saw a similar move by HUD a few years ago to combat real estate flipping, where certain properties that were being resold too quickly after the last sale required two appraisals.
In this move HUD […]
I get a lot of questions about the maximum debt to income ratios on FHA loans where the borrower is refinancing and saving money and its a manual underwrite. I know that HUD has a formula they use and a maximum debt to income ratio, but they don’t tell anyone what it is.
Based on my experience […]
FHA is one of the best sources for Manufactured Home Loans. There are some additional restrictions added to the property and some inspections, but the LTV and pricing are much better than any alternative.
For a Manufactured Home to be eligible for an FHA loan, the foundation has to be inspected by an engineer licensed in […]
We have been talking about the recent changes in minimum scores on FHA Loans, but there have also been a number of credit score adjustments recently released. They seem to impact FHA loans that fall between 580 and 620. The highest adjustments I have seen are around 1.5%
I have asked a few people at HUD […]
I watched the CNN Special tonight on the mortgage meltdown being busted. I was hoping for some new insight and information but it turned out to be a poor regurgitation of what we have already heard. I guess I was looking for more of an expose’ than a group of industry insiders playing blackjack.
I thought […]