A few more lenders set a minimum 580 credit score this week on FHA mortgages. My prediction that this would spread through the industry is coming true. “FHA The New Subprime” - lenders are protecting themselves from this thought the only way they know how - minimum credit scores.
Once a few of the national wholesale FHA […]
Many people who are unable to meet the net worth requirements to get FHA approval are making a move to Net Branching, also called Affiliate Branching. It is much faster than getting an FHA Approval, an existing FHA Approved Broker/Lender can have you up and running as a branch very quickly and in some cases […]
I talked about it a few weeks ago and it is happening. We have seen a slew of lenders put a minimum 580 credit score on FHA Loans because they were getting flooded with Subprime crap. Unfortunately this is effecting normal FHA Business and is going to make it more difficult for borrowers who need […]
Some of my readers have asked about my company.
Our name is R P Funding, you can access our HUD Approval here: R P Funding FHA Approval, or website R P Funding
We currently have two offices in Florida, but we are in the process of opening a third and expanding into Mississippi and Georgia. We are a […]
Yes! A Full Eagle can broker FHA loans. The difference, that confuses most, is the relationship this creates in FHA Connection. When a loan correspondent establishes a broker relationship with a lender it is entered into FHA Connection as a Sponsor to Correspondent Relationship. If a lender attempts to enter a Full Eagle into FHA […]
HUD is getting a record number of applications for FHA Lender Approval. Somewhere around 1200 in the last 3 months of 2007 which is 4 times as many as they are used to getting.
I HOPE NOT! This statement angers me more than anything else I am hearing in the mortgage industry right now. Even more than FHA not raising the HECM Limits as a part of the Economic Stimulus Package (but that’s another article all together).
I just completed the process of obtaining my non-supervised mortgage approval for FHA loans. This approval allows my firm to underwrite, close and service FHA loans. Unfortunately HUD is currently SWAMPED, every lender and their brother wants to be FHA approved. There is this sentiment that FHA is the New Sub-prime, unfortunately if this is […]