It seems like every Mortgage Broker and their mom went to get HUD approval this past six months. Now everyone says "yeah, we do FHA." well I ask that Loan Officer what is the 4155 and deer in the headlights is the stare I get back. Simply asking or hearing that a broker does offer FHA does not mean that is a good choice to work with them.
Yes, I am biased! I have been writing FHA Loans for 11 years. I offer the 203k loan product. I can also approve my own escrow for repairs needed based on the appraisal. Don't get me wrong I do manage the risk appropraitely, but there is NO middle man to work with. The typical turn around works like this.
Immediate credit decision
Close in 25 days from date offer comes into my office
ALL functions of the loan are handled right here in Wisconsin
500 FICO is our floor...
I have had the pleasure of helping a number of borrowers over the past 60 days where they were working with a "ROOKIE" FHA Loan Officer. Some of these files are taking 60 days only to hear that they are not approved. This last one was working with a broker and had written an offer 75 days ago. there were amendments for extension purposes and in the end the client found me via the web. He was involved in giving back a home just a year and a half ago and there was NO Way he was getting a new FHA Loan.
75 days wasted. Seller locked up property. Buyer was told everything was fine. he gave his notice to the landlord... He had to move out this past week. He had NO new hopme to move to.
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