A client was asking me the other day what it means for a lender to do FHA loans. They won’t just do one loan, but becoming an FHA lender means that you have to be committed to the cause. FHA lenders are being held accountable which is great, and they have to prove that they believe that these loans are in your best interest.
To become an FHA lender, FHA requires that the lender submit the proper paperwork on their financial status. As of May 2010, they are now requiring that your company can show 1,000,000,000 in net worth before they would even consider you as a lender to provide the FHA benefits. This is good, because they want to know that the bank doing the loan has been profitable, but has an interest in helping everyone. When a bank shows stability, they usually want to continue on that path. Now, with the tough economy, those who want to buy a home are need to put less down with FHA.
Becoming an FHA lender also requires that none of the officers have been suspended. The owner of the company you work for is the director of all that takes place, so wouldn’t you feel better if you knew that they were an expert? Or, just to know that they care enough that they are looking out for your home loan?
Your FHA lender is required to update all paperwork, and provide any statements that were a result of a financial audit. This holds everyone accountable, and lets you know that your lender is truly a professional. For more information, go to www.fhaloansnow.net.
-Mayer Dallal
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