Anyone know any FHA lenders?

glombardo · Joined: 23 Aug 2007 Posts: 7

Hello. I am praying someone can help me find an FHA lender that does not care about mortgage lates. I have several compensating factors...time on job, 6 months piti, time in home. Any FHA lender that you know, please let me know, and I'll find out if they care about lates or not. I really appreciate the help. Just trying to close this file, and help these nice people...Thanks again.

Glenn
A.C.G.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

FHA cares about the lates. What they may allow for is WHY they were late.

So?

glombardo · Joined: 23 Aug 2007 Posts: 7

Any FHA lenders you know of PLEASE list them for me....need help bad

p.s. I have very good LOEs...all I need is a lender....please help finding FHA lender....Thank You

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I'm with Wells, and I know our retail side does manual underwrites, I can't speak for the wholesale side though. I have had a lot of success getting things through FHA with very good explanations.

glombardo · Joined: 23 Aug 2007 Posts: 7

I don't have the mini eagle yet...we currently do business with a mortgage banker to get our FHA done. I was asking the wrong question. I'd love to go through Wells, but we cannot. Are there any mortgage bankers out there that will do an FHA loan? If not, Haplo, how about co-brokering with me to get this done? Thanks!

m2c · Joined: 03 Aug 2005 Posts: 937

Hmmmmm .... Chow. "do business with a mortgage banker to get our FHA done" and HUD is going to approve this guy for a limited eagle?

Sounds as if HUD has lowered their standards so that FHA will ,in fact, become the "new subprime" with all the same problems.

glombardo · Joined: 23 Aug 2007 Posts: 7

Thanks for the support m2c. I appreciate you going out of your way to post an ugly comment. Me, never. I just move on. If it is out of line for me to ask that, I apologize...I try not to give up on my clien

m2c · Joined: 03 Aug 2005 Posts: 937

Hey if you’re really working for that client, I got no problem – that is say “I don’t have this product (FHA) but feel you should contact XYZ to explore the possible” and receive no “thing of value”, don’t try the part-time LO bit, or do any originating as a nonemployee.

This is not what many brokers mean by “doing business with” and hence there is some violation of HUD or RESPA guidelines. No a good resume to present to HUD! If you’re doing it the legal way, more power to you.

Specifically the lower standards to which I refer are those in the current legislation (not yet passed). To wit, the bond in lieu of liquid equity. What is it now -- $60K. How can you expect a brokerage shop to work without at least $100K in working capital? Well, yes they have and you can see the corners cut and the subprime disaster that resulted. No tears there but if it’s charged to the taxpayer via FHA insurance, I’ve got some problems.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

You would be wise to listen to m2c's comments. He's not being ugly, he's being realistic.

You can't originate the loan, "co-broker" it with someone, and then get paid a referral fee. Not sure how that works? Look up "RESPA". Any lender that you go through to fund this and you get paid could land you a nice free suit, although I'm not sure orange is your color.

If they need FHA, you're better off either giving them a referral to someone that can help them and make you look good (who will refer them back to you for their future business, etc.) or look at alternative products that may suit them.