I began to write FHA loans just over a year ago and am probably close to saying good buy to this lovely little loan. Why? Maybe in San Jose it is just the luck of the draw. But the past two months the profile of my FHA customer has diminished greatly. Many of the clients have serious credit problems, no down payment (we have assistance programs in my area) , and most of the condo units in our area are not FHA approved and cannot get FHA approval. Last month I had three clients apply for the loan with phony Social Security Cards. Not to mention the commissions are smaller, the paperwork has more demands and the loans are now taking upward of 60 days.
Enough of my belly aching ..... I am back to "normal" loans !
Doug Jones
www.mortgagemagic.com
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