1,057,824
You should be posting this to your blog, because the information itself is important enough that it should stand on its own.
One of my BFFs is a national FHA VA lender, and although I did not know this, it does not surprise me because the borrowers are vetted very carefully before pre-approval.
In 10 years working with them, I don't recall a single deal we've ever closed go into default.
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Khash Saghafi NMLS
Cleveland, OH
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Michael Jacobs
Pasadena, CA
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J.R. Schloemer
Louisville, KY
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Ron and Alexandra Seigel
Carpinteria, CA
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
1,712,876
There is also a period where so many consistent payments have to be made to have the full insurance in place.
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Khash Saghafi NMLS
Cleveland, OH
-
Michael Jacobs
Pasadena, CA
-
Kathleen Daniels, Prob...
San Jose, CA
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Ron and Alexandra Seigel
Carpinteria, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Carol Williams
Wenatchee, WA
-
Lyn Sims
Schaumburg, IL
5,259,152
Now I get FHA delays! You should totally post this to your blog - this is information that would help agents understand the process as well.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
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J.R. Schloemer
Louisville, KY
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Ron and Alexandra Seigel
Carpinteria, CA
2,222,281
I did not know Khash, this topic will be great for a blog.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
716,919
Really? Wow...
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Nina Hollander, Broker
Charlotte, NC
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Khash Saghafi NMLS
Cleveland, OH
-
Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
5,773,392
Khashm
I was not aware of this. A
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Nina Hollander, Broker
Charlotte, NC
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
902,658
I had no idea of the specifics, but it makes sense for a lende to be extra cautious. It is also a protection for the borrowers, in a way, to keep them from getting into a situation that would be detrimental to them down the road.
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Nina Hollander, Broker
Charlotte, NC
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
3,416,088
This would make a great blog. Many buyers and also buyer agents do not know this. I have worked the mortgage side of things too which makes it easier to understand the whats and whys some days.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
2,190,382
I did NOT know that. Great blog topic, Khash.
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Nina Hollander, Broker
Charlotte, NC
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
5,247,618
Some people are lucky that their closing in only delayed as opposed to being rejected. Not everyone should qualify for a loan. Some companies take risks only to face the consequences!
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
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Kathleen Daniels, Prob...
San Jose, CA
5,117,828
Hi Khash... I had no idea. Wow! So important to know.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
-
J.R. Schloemer
Louisville, KY
259,367
Was not aware, thanks for sharing!
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Khash Saghafi NMLS
Cleveland, OH
-
Michael Jacobs
Pasadena, CA
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Tony and Suzanne Marri...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
854,022
I didn't know that. Very interesting & a valuable accountability factor.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
6,426,360
I wish the feds would get out of the lending business.
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Bob Crane
Stevens Point, WI
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
5,583,328
wow.... that delinquency is not in the control of the lender....why are they penalized? alot of situations happen within 2 years....
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Nina Hollander, Broker
Charlotte, NC
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
3,350,914
I know there are guidelines and lenders are measured on defaults ... and that is not just with FHA, I understand it.
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Nina Hollander, Broker
Charlotte, NC
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Khash Saghafi NMLS
Cleveland, OH
-
Michael Jacobs
Pasadena, CA
3,071,589
Lesley Wilson-VanGoethem nailed this one!
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
1,848,051
Yes & what to do about it? You can only check so much & abuse the underwriters.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
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Kathleen Daniels, Prob...
San Jose, CA
717,185
I have heard this, Khash Saghafi . The lender needs to make sure the buyer is qualified.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
431,172
Great information to have for reference.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
4,434,177
I had no idea.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
4,800,132
I had no clue.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
544,014
Did not know that. I would like to see the source document.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
4,908,539
I wish we knew how many.
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Khash Saghafi NMLS
Cleveland, OH
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Michael Jacobs
Pasadena, CA
281,739
I take it this is a current law and not something that was in effect before the last Great Recession!!?
Thanks Khash
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Khash Saghafi NMLS
Cleveland, OH
148,276
Did not know about this. Interesting. Thanks for sharing this info.
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Khash Saghafi NMLS
Cleveland, OH
712,823
I enjoyed reading this and the comments by other Active Rain members.
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Khash Saghafi NMLS
Cleveland, OH
4,969,061
Wow, I need tro let my lender know that , thanks
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Khash Saghafi NMLS
Cleveland, OH
5,879,946
4,319,873
Khash Saghafi - frankly, I did not know this.
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Khash Saghafi NMLS
Cleveland, OH
1,555,300
3,986,308
Well if that is strue most of the bnaks should have clsoed years ago!
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Khash Saghafi NMLS
Cleveland, OH
767,089
No I wasn't aware of this. Is it really true? I'm sure that extenuating circumstances would protect the lender.
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Khash Saghafi NMLS
Cleveland, OH
2,684,769
7,872,843
Thanks for sharing this perspective.
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Khash Saghafi NMLS
Cleveland, OH
921,504
If you do blog about this make certain to also explain the conditions that would compel the 'bank' to buy-back the mortgage from FHA. That is the real issue.
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Khash Saghafi NMLS
Cleveland, OH
2,196,059
1,242,204
Smaller banks are loser on loan requirements....
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Khash Saghafi NMLS
Cleveland, OH
1,507,223
Was not aware of that. We don't get many FHA or VA loans out here.
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Khash Saghafi NMLS
Cleveland, OH
5,063,555
I was not aware. As others said, this is important information and deserves additional explanation and exposure.
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Khash Saghafi NMLS
Cleveland, OH
809,258
4,584,971
Is this an example of unintended consequences?
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Khash Saghafi NMLS
Cleveland, OH