Posted by Becca_FL on 5/15/07 8:21pm
Msg #190276
The dreaded FHA loan is baaack!
It has been at least four years since I've done an FHA loan. No, I think I did one about two years ago. Anyway, for those of you that have not had the pleasure to close a Government backed loan before, please price yourself accordingly and be prepared to print out 400 pages. My borrowers were so good. I felt bad for them, the closing took 1 1/2 hours and they were not readers.
With the emergence of the sub-prime lender in the past five years, it seemed that FHA loans almost disappeared. Now with the sub-prime fallout, FHA loans are back in style. I'm glad though, my brws tonight went from an adjustable at a high interest rate w/ Amer. Gen. to a fix rate below 7%. Maybe the assumable loans will help the housing market too. Who knows?
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Reply by Michelle/AL on 5/15/07 10:28pm
Msg #190284
Please tell me you're exaggerating about the size of that
package. Please! Anything more than 175 pages gives me the creeps!
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Reply by sanjqnvly on 5/15/07 11:52pm
Msg #190287
Re: Please tell me you're exaggerating about the size of that
Never had that many pages in a package, however spent about 40 minutes sitting listening to the borrower argue with the LO before she agreed to sign!
think I would rather have the pages!
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Reply by JanetK_CA on 5/16/07 3:04am
Msg #190290
Re: Please tell me you're exaggerating about the size of that
Don't know about your neck of the woods, but there isn't much chance of having to worry about FHA loans here. I believe the max limit is still well below what even most condos are selling for. No help there, unfortunately, at least in socal.
Now, the borrower arguing with the LO - that's another story altogether! That's one problem we are all likely to face from time to time... ;>
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Reply by BrendaTx on 5/16/07 12:18am
Msg #190288
Anyone who watches "The Office" Thursdays on NBC knows
what Michael would say to that...
http://www.youtube.com/watch?v=Ccdu8yZIanM
Sorry Michelle...I just could resist.
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Reply by Joe Ewing on 5/16/07 11:39am
Msg #190337
Re: Anyone who watches "The Office" Thursdays on NBC knows
I "cut" my loan signing teeth on FHA loans from 1989 to 2000. I referred to them as the 4 finger loans. Lots of extra FHA documents to get signed. Any veterans ever get one faxed to them?
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Reply by jojo_MN on 5/16/07 6:53am
Msg #190295
I did one Mon. over 400 pgs. w/ bwrs copies. FHA 1st only n/m
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Reply by bfd110_IN on 5/16/07 7:22am
Msg #190296
GUess I have been lucky
I have had 4 in last 3 weeks and probably had 25 extra pages. FHA application and the DE Underwriting form is where you have to be careful but the other forms are just straight disclosures. If you have ever seen an FHA it might be a little overwhelming, but if you have had experience with them, really not too much difference. I am speaking for Indiana though, but the loans I have done here for FHA have never been more than 125 pages.
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Reply by ML/PA on 5/16/07 10:46am
Msg #190334
Re: GUess I have been lucky
I also never had a FHA package that was that large. I just did a few recently and they were almost the same size as normal packages. If I got a package that big I would definately let them know there was an additional fee.
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