FHA Loan in Washington State

geterdone · Joined: 15 Jan 2008 Posts: 2

I need a lender who can do FHA loans in Washington state. I have a borrower ready to move forward, appraisal shot. Here are the details:

Loan Amount is 210
80% LTV
Full Doc (38% DTI)
530 mid-score
3 x 30

Borrower would sign docs tomorrow, if we could, but we are just not licensed in WA for FHA! Please PM me so we can move forward quickly.

Thanks

liverichly · Joined: 10 Feb 2005 Posts: 199 Location: Orange County, CA

When is the 3x30? Is that on the mortgage?

If you are not approved for FHA in WA by HUD then you can't do a FHA loan in WA - the government is not one to mess around with. You can pass it off to someone who is able to do FHA in WA though. We are not, but if you email me I can refer you to a LO who is.

geterdone · Joined: 15 Jan 2008 Posts: 2

I didn't post this to brag, liverichly. Obviously I need a FHA licensed lender because I cannot do this myself.

I found one, thanks anyway

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

He wasn't suggesting you were bragging, he was recommending that you not put on an orange jumpsuit by reminding you not to try and originate a loan and collect income on a deal that you're not licensed to originate.

jaredevenson · Joined: 17 Oct 2007 Posts: 27 Location: Spokane Valley, Wa

i don't see anywhere on this where the guy is asking for a kick back.

why is everyone always assuming so many things on here?

such a negative environment.

I love it.

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

Welcome to the forums Jared.

I realize that shortly after you got here, I took a brief vacation from posting and so you may not have had had the opportunity to see how I personally work.

I'm very blunt. Amazingly, this seems to get the job done in most cases. Some peoples feelings get hurt, and when someone makes a flat out mistake then we work through those issues.

However, the point is as follows. The OP asked for a lender who can do FHA loans in WA state, then goes on to say the he wants to move forward on the deal. This is not in itself an incrimination, but as so many lenders in our industry tend to go for something like this, (originating a loan and being paid for it when it is against the law for them to do so) LR made a post suggesting that he get rid of the deal and even offered to give him assistance in doing so.

You may have noticed that LR was actually quite helpful in his post, pointing out that you don't want to mess with the gov't and giving him the opportunity to help him find a referral that would allow him to do the right (legal) thing. The OP then came back flippantly turning down his offer.

So, negative? Sometimes, yes. Most of the time we have a reason for the direction the posts go however.

MC Guy · Joined: 20 Jan 2008 Posts: 23 Location: Eugene, OR

From what I remember, when I originated 3+ years ago, FHA is pretty particular about 30 day lates in the last 12 months. You might want to try another route anyway.