Posted on: 14th Feb, 2008 10:06 am
I read, about a month ago, that audited financials were not going to be required any more for brokers who want to offer FHA loans. Have you heard and read anything regarding that?
Yes they have been debating this FHA reform bill for a long time. IT has not passed and likely isn't go to in the near future.
It would replace the need for audited financials with a $25K bond. Much Much easier to obtain.
It would replace the need for audited financials with a $25K bond. Much Much easier to obtain.
Thanks Chris, yes the $25 K would make life much easier. I was told by someone else that it is not likely to ever pass.
I wouldn't say that. I think that FHA modernization is becoming more and more relevant as time passes.
With the recent stimulus package they have increased the FHA loan limit in high cost areas to $730K on a temporary basis.
Issueing a bond in place of audited financials would really open up FHA to a much wider base of potential clients. Right now all of the broker that are not FHA approved are having to work with the few lenders brave enought to offer a non FHA approved consulting program. They don't allow you to make any YSP however you can charge up to 2 points upfront.
If you don't go that route you have to become a W-2 employee of an approved FHA lender.
The latter option worked best for us until getting the EXTREMELY expensive mini-eagle designation.
I'm hoping they will pass the FHA reform bill within the next six months.
With the recent stimulus package they have increased the FHA loan limit in high cost areas to $730K on a temporary basis.
Issueing a bond in place of audited financials would really open up FHA to a much wider base of potential clients. Right now all of the broker that are not FHA approved are having to work with the few lenders brave enought to offer a non FHA approved consulting program. They don't allow you to make any YSP however you can charge up to 2 points upfront.
If you don't go that route you have to become a W-2 employee of an approved FHA lender.
The latter option worked best for us until getting the EXTREMELY expensive mini-eagle designation.
I'm hoping they will pass the FHA reform bill within the next six months.
i have a home that i am buying under fha in florida, the loan amount is $421950 i was wanting to know if i can still put dowen the 3% reuired by fha or is it more than that
effective january 1, you'd have to put 3.5% down. assuming your loan is in the works now, your 3% down payment should be fine.
