Qualified for the new FHA Special but cant close?
Don't feel like your lender left you holding the bag its not exactly their fault.
After Wells Fargo decided to announce it will NOT participate in the funding or servicing of these loan unless you are a current Wells Fargo customer and your loan meets guidelines (terms for the new FHA special of .01% up-front MIP and .55% monthly MIP, instead of 1.75% up-front MIP and 1.25% monthly MIP) the market started feeling backlash.
Others have followed suit and major national lenders started announcing the "fire sale" panic of lock and close and FUND before 6/29 or you dont have a loan at all from Wells very bold statement! It infuriates me that WE paid to bail out these corrupt banks and then when the feds step in and draft a program designed to aid consumers to save money the very banks WE bailed out turn a cold cheek and say... no thanks we are not going to participate!?!? To add insult to injury this call then spurs others to do the same?
Now what do you do if you are the fortunate owner of an FHA insured loan that happened on 5/31/09 or prior?
Fear not Colorado qualified FHA borrowers, US Mortgages can and DOES allow for the funding and closing of these loans and we even allow for credit all the way down to a 600 on them. Standard qualifications apply for this special streamline product that enables borrowers to get instant savings and add nothing to their loan balance but acting now is imperative.
We simply cannot handle all the requests for these loans without adding more staff and properly training them so delays will ensue but act now to ensure a closing in July and get your part of what some call the "best loan product for consumers ever brought out by the feds".
- Instant savings
- 2 months no house payment
- refund of your current escrow account
- no increase to current loan payoff!
makes this a loan that makes you feel like a true Rock Star! (getting paid for your signature)
Remember I often say... Not all Lenders are created equal and neither are the Realtors. Do your homework and find the ones who can meet your goals and needs and one that also has a solid track record for performance!
Have a good weekend and Colorado FHA borrowers who got their loan insured before 5/31/09 can still save thousands of dollars / year for FREE here at US Mortgages.