loans: 45 days or longer to close an FHA loan?
- 02/19/09 01:15 PM
I closed a deal on a bank owned foreclosure in Anaheim, Orange County California today. It took the lender more than 45 days to close this deal. I was surprised to discover that even after my clients signed the loan docs, it still took two weeks to fund. Should we prepare all FHA buyers for the scrutiny of numerous lender conditions both before and after underwriter approval? Many things we had to send two or three times while waiting for the loan to fund. Have the banks laid-off all the productive workers? Are they really backed up so much that we … (7 comments)
loans: A great idea to help reverse the housing crisis! What’s your opinion?
- 10/29/08 09:42 AM
A couple of years ago lenders were offering "interest only" loans where customers could put off paying principal and interest for a few years and pay interest only. It's true that this caused some of the problem that we are now in, but it could also be the solution to get us out. It's like a vaccine. If home owners are facing foreclosure they often don't pay their mortgage payments for at least 6 months while still living in the house. Therefore the banks are receiving no payments at all during that time. If banks would allow distressed properties to extend … (3 comments)
loans: Why the new FHA limits in Orange County California are good news for first time home buyers
- 03/13/08 05:09 AM
In Orange County the new FHA limits were raised from $417,000 to $729,750. This is good news for first time home buyers in Orange County because the FHA loans have special programs for first time home buyers. If you have any questions about down payment assistance programs contact me or visit www.homerealtymanual.com Another important thing to know about FHA loans is the method of determining your eligibility is factored at a higher debt to income ratio than non conforming loans. Feel free to contact me about homes for sale on the market right now in Orange County that will qualify for a first … (0 comments)
I closed a deal on a bank owned foreclosure in Anaheim, Orange County California today. It took the lender more than 45 days to close this deal. I was surprised to discover that even after my clients signed the loan docs, it still took two weeks to fund. Should we prepare all FHA buyers for the scrutiny of numerous lender conditions both before and after underwriter approval? Many things we had to send two or three times while waiting for the loan to fund. Have the banks laid-off all the productive workers? Are they really backed up so much that we … (7 comments)
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