14 Responses to “Feel Free to Post new FHA-related questions”
  1. Tyson says:

    A person gets a loan in there name and holds title in there name alone, then marries someone after the purchase. After they are married they foreclose on the home and the investor who purchased it at auction wants to sell it back to the Husband who has no affiliation to the loan and title of the property. Is it possible to sell it to the husband who has the credit and income they need to obtain the new loan? Will an FHA originated loan have any issues with the new loan because California is a community state? Will the income qualification on an FHA loan pull her Credit too? Lastly will that process have an issue with the husband successfully getting the new loan?

    • Administrator says:

      Tyson
      i’ve checked with our FHA underwriter, and she’d feel UNcomfortable signing off on this. She explained her reasons as follows: The the end-Investor buying the loan would have a problem with the concept of “bail out” aka “exploiting a vulnerable Lender position: In other words, there’s no telling on their part if the parties who live in the property/previously owned the property “orchestrated” the scenario to drop the price of the home via foreclosure/resale, to be repurchased through an Investor at a small profit to the Investor but a heavy discount from the previous balance owed on the loan. They also call that “strategic default” Sorry! I know its not what you wanted to hear. Call me to discuss further 877 332 9703.

  2. Tyson Wood says:

    What is the FHA standpoint for the next year on there 90 day flip rule? Very curios to see if we can still work with those buyers on our flips.

  3. Chelsea Cuence says:

    “I am trying to decide between Wells Fargo and a local broker friend of my dad’s. (the house we’re buying is owned by wells and their agent got us to go through some kind of cross-approval with them. In any case, isn’t all the same as far as FHA goes? We got some dings on our credit from 2009 when my hubby lost his job for 7 months. Any pointers??

  4. Administrator says:

    Its not uncommon for the Bank that owns the home you’re purchasing to insist on you being ‘cross qualified’ with their own Bank. Wells and BofA do this a lot.
    Going to a large bank like doesn’t necessarily mean you are at an advantage.
    Loan Officers working for those Banks are not subject to the higher, more stringent licensing requirements now imposed on the rest of us. (NMLS).
    This specialist type of exposure usually gets you a seasoned Loan Officer who really knows what they’re doing.
    Like me :) LOL

  5. Reicy says:

    hey is it true FHA is going to require a minimum credit score now??

  6. Jam says:

    So there’s a zero down homebuyer seminar you guys are holding at the Menifee Campus of Mt San jacinto College?? Did I miss it ?? I was told the number to call was 800 421 0614. Plz confirm when It is.

    • Administrator says:

      This was held yesterday with an awesome turnout. Yes, we hold at the Menifee Campus, east of the I-215 freeway close to Newport road. There will be more . . .

  7. Dashie says:

    OK I have a free & clear home in Michigan and want to help my son who’s moving next Semester to UofArizona in Tucson. Makes sense for him to buy a little place out there, get some roomies and cover his housing expense. My son has always worked and will continue to work there in Tucson while he goes to school. My Loan guy out here in Detroit who’s done all my stuff for 10+ years says he can’t get it done because my son doesn’t have enough of job stability and history yada yada yada . . first of all can you do stuff in Arizona, and secondly do I have any other options ??

    • Administrator says:

      Dashie
      Our company is licensed in AZ yes. And yes you signing as the non-occupant cosigner with the strength of your credit and income etc, offsets his weakness per se. Depending on the useable income for your son, you may need to qualify for both mortgage payments .
      Charles

  8. Derby says:

    So they changed the MI on FHA again???

    • Administrator says:

      Yes, as of Oct 2010
      For a 30yr fixed FHA, the upfront Mortgage Insurance (financed) is 1.00% of the Loan amount and the monthly mortgage insurance is 0.9% of the Loan amount, divided by 12 .

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