FHA Home Mortgage Loan Interest Rates

One Response to “Is there a federal law concerning how long the FHA has to approve a mortgage loan?”

1. Yanswersmonitorsarenazis says:

   May 28, 2009 at 7:27 pm

   You're still not closed, I see.

   There is absolutely no law about how long the underwriting can take.

   Your loan officer seems to be an absolute idiot though. He had 6 weeks to get your income verification. That can take anywhere from 1-5 days, depending on what you are able to provide, and how quickly your employer returns our verification request documents. He had plenty of time, and obviously didn't do it.

   I would be pushing them to pay for any and all expenses you've incurred by this delay. And I'd make them drop their fees substantially to make up for your time and distress.

   I am assuming you are dealing with a broker, one that does not have Direct Endorsement from HUD. So they're at the mercy of their investor's underwriters, as far as timing goes. And most brokers don't have a clue about how to properly handle FHA loans at all.

   Sorry to hear you're still having distress.

Recent Posts:

Related results on Is there a federal law concerning how long the FHA has to approve a mortgage loan?

1. Down Payment Assistance Programs | Los Angeles Bankruptcy Attorney

   There are quite literally thousands of city and county sponsored assistance programs available to eligible first time home buyers today. ... City and county housing departments do not staff mortgage loan underwriters ? they rely on the expertise of participating lenders to competently underwrite a loan file to insuring agency requirements. Second Test: The primary borrower(s) must satisfy city or county program specific bond compliance requirements for A. Income Limits B. ...

1. Mortgage Fraud and Real Estate Fraud

   A man who claimed he was a broker is accused of bilking a long-time family friend out of more than $130000. Failed Mortgage Firm Trustee Allowed $50000 in Fees Union Leader U.S. Bankruptcy Court Judge J. Michael Deasy will approve $50000 ... Michael Ashley, the embattled former vice president of Federal Housing Administration (FHA)-backed mortgage originator Lend America, and the company he worked for, were permanently banned from doing business in the industry last week. ...

1. How long after bankruptcy can you buy a house? | Thinking About ...

   There's no law saying you can't buy a house the day after declaring bankruptcy. The problem is finding someone willing to lend you money after you've proved yourself to be a deadbeat. References : Comment made on March 18th, ... The lender you need should be capable of doing an FHA mortgage. FHA stands for Federal Housing Administration. The good news about FHA is that they don't use FICO® credit scoring to make a loan decision. To qualify for an FHA loan you need: ...