One your FHA offer has been accepted, then you need to get an appraisal done. FHA appraisers are the only appraisers that can do this part of the process. FHA has certain guidelines that they want followed to ensure that the home meets their requirements for the loan.
The FHA appraisal is for the benefit of the lender. Keep in mind that they are looking to lend on a home only for what it’s valued at. We want to always believe that the home is worth more when we buy it because we are proud at how much we spent. Then, we are proud once we own it so we can be sure to get the most of out the loan if we wish to refinance it to pay off debt.
The FHA appraisers must show that they have the proper credentials, and in turn the new requirements prohibit that the mortgage broker request the appraisal on their own. This is to keep everything fair and balanced so that we don’t end up with a mess such as what we have now. They don’t want to lend money on a property that is damaged and not really of that value and they don’t want to have the home over valued to end up with a home that will eventually be upside down. These situations bring about financial hardship for everyone, so trust the expert that handles your FHA loan.
For more information you can go to my website; www.fhaloansnow.net.
-Mayer Dallal
Showing posts with label fha experts. Show all posts
Showing posts with label fha experts. Show all posts
Wednesday, June 2, 2010
Is Your FHA Lender Qualified?
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
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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