I recently applied for a FHA loan to buy a home in another state b/c my husband's job is relocating him. We own a home in our current state, and the loan officer said we were approved after submitting documentation (W-2s, pay stubs, etc) verifying we had the income/assets to carry the costs of two houses. Our FHA financed home in our new state will be our primary residence; we likely plot to rent out our current home to wait out the terrible market. Our LO said we don't have to list our current home as an investment property since we haven't listed it to rent. He also said that they pretty much don't care what we do with the current house since our income shows we can carry both mortgages and still fall in line with their desired DTI ratios. I'm just worried things will fall through b/c they'll choose for some reason we can't have two mortgages. Is this a senseless dread?
Has anyone every heard of an FHA home loan falling through once it’s been pre-approved by the automated system?
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#113 Of course, the smaller the loan, the cheaper will be the cost of the strategic default insurance (FHA) so it might make more sense as a hedge against falling home prices. That is the way I am looking at it,as the loan I will be taking ... It was a number that has been consistent for hundreds of years that ensured a low probability of loan default. Every time the banking industry has dipped below that, it has always ended in prices spiking and then crashing. 3b says: ...
The lawyer has since been in the hospital so I am back on my own so I contact BOA again who once again said everything different then they told the lawyer and im back to square one. ... So by the time I made the third payment and called again to check the status thats when I was told no approval was in the system. So if I didnt call then I would not have known anything. SO i was only 2 months behind but due to their error im alot behind now and its getting worst. ...
I was told that it becomes a lot more difficult to do a short sale once the loan has been charged off. Well, now I know why. There is no incentive for them to deal with a short sale when they can get their money from the FDIC. .... Literally, it's not that difficult to build an automated system with 98% performance determining in less than 60 seconds from completion of data entry that we have a deal, and emailing you an approved payoff letter. The fact that this hasn' t ...
Yes I have heard of them falling through and until closing they can turn you down for any reason they see fit.