Posted by donnafl on 9/3/10 4:11pm
Msg #351486

FHA

Is there any difference between a regular refi and a FHA closing - whether a refi or a new purchase?
Thank you!

Reply by James Dawson on 9/3/10 4:33pm
Msg #351487

First difference is the number of pages....I'm sure others will chime in...

Reply by Teresa/FL on 9/3/10 6:23pm
Msg #351501

Make sure you get signatures in BOTH placed on page 2

of the Addendum to the Loan Application. It's one of those things that is easily missed if you are not used to doing FHA/VA loans.

Reply by Teresa/FL on 9/3/10 6:27pm
Msg #351502

Oops! that should be "places" n/m

Reply by MW/VA on 9/3/10 9:14pm
Msg #351523

FHA & VA packages are usually larger--125-150 pages. n/m

Reply by donnafl on 9/4/10 5:54pm
Msg #351586

Re: FHA & VA packages are usually larger--125-150 pages.

Thanks guys for the help.

Reply by Scriba/NM on 9/4/10 10:56pm
Msg #351601

Ummmmmm...........more pages is not the "answer" to your question. Of course, there ARE more pages, but that's not the "difference". If you are going to be in this business, you need to understand the differences between loan types. One "difference" is the horrendous Mortgage Insurance people are required to carry if they are below the 20/28 equity balance. For a little primer on the real differences, go here:

http://www.fhainfo.com/fhavsconventional.htm

The internet is loaded with lots of information, sadly many notaries don't even know or care. They just blunder about bumbling signings on a regular basis. That's why we all receive 1,246 pages of garbage instructions from signing and title companies about how we are to close a loan, how to dress, be sure to make a borrower copy, etc., etc.

Reply by Scriba/NM on 9/4/10 10:58pm
Msg #351602

Fingers got messed up.....should have been 20/80 equity balance. I ran into one company the other day that wanted 22/78 instead of 20/80. Nervous lenders I guess.