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Big changes to FHA-January 1, 2010

By Jeff Engum

Real Estate Agent with Open Mortgage

September 21, 2009 03:39 AM

1) The funding source of any FHA loan must have one million dollars in funds verified by FHA.

2) Brokers will no longer need to be individually certified by FHA to do FHA loans.

3) The streamline refinance as we know it today will no longer by available to borrowers.

Item number two concerns me. Opening the door to all brokers to do FHA does not sound like a good idea. I have been doing FHA and VA loans for a very long time. FHA and conventional mortgages are a world of difference and opening FHA to everyone scares me.

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Dr. John McMillen

Clovis Real Estate - Clovis, CA

Interesting. Thanks for sharing. I hadn't heard of this until now.

Sep 21, 2009 03:40 AM

Donne Knudsen

Los Angeles & Ventura Counties in CA - Simi Valley, CA

CalState Realty Services

Jeff - the thing that concerns me the most is FHA adopting the HVCC appraisal process. Have they not seen how horrible it's been for conventional and now they want to subject FHA buyers to that insanity.

Sep 21, 2009 03:44 AM

Donna Harris

Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com - Austin, TX

Realtor,Mediator,Ombudsman,Property Tax Arbitrator

I'm not sure opening up FHA to all the brokers who are not trained to do so makes a lot of sense. The rules are so different, and I'm not even a mortgage person, yet I understand that!

Sep 21, 2009 03:50 AM

Jeff Engum

Open Mortgage - Eau Claire, WI

Donne.

The way they are structuring the FHA for brokers, it will be just like HVCC. I will not have to deal with that because I am individually and company approved for FHA and VA.

Sep 21, 2009 04:07 AM

Donna,

I agree.

Sep 21, 2009 04:08 AM

Anonymous

Alyce Burgess

We have a small brokerage in Astoria, Or and were going to get FHA approved last year, but ran out of time....Too busy with our bread and butter RD loans. The only product that FHA makes sense for anymore are manufactured homes and good luck finding a wholesaler who will still do them.

Sep 22, 2009 02:10 PM

RD loans wil have some new changes soon. So most of the properties are lower end home with borrowers with minimal incomes to qualify. I have done a few but they are sometimes very painful to do.

Sep 23, 2009 02:18 AM

Bishop Mortgage Inc.

I am FHA/Va approved now. So are you saying i don't have to have a certified audit for 2010 in order to do FHA loans?

Richard Genari

Dec 03, 2009 08:23 AM

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Jeff Engum

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