Question by NYEVE43: Where would I find informatio on FHA mortgages and if there is anything new to offer single parents?
I would be considered first time home buyer. Need to try to get a home. Tired of renting forever! Does anyone know of any new mortgage deals from the govt?
Best answer:
Answer by kakakos
Call a real estate office. They will be able to answer all of your questions.
What do you think? Answer below!
Question by sarah k: what government agency helps with lowering your mortgage payment?
what is the name and contact information for the government agency that is currently in place to help home-oweners refinance home loans at a lower rate.
Best answer:
Answer by LOCKNLOAD1
Government Agency???
Nope, sales they don’t have anything for you yet unfortunatly.
However I can refinance your loan if you have the equity and credit or I can get you a modification of your current loan if you don’t qualify for a refinance, I do those everyday.
Send me an e-mail with your address, the name of your mortgage company and balances due.
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Question by Ms Tee Arrow Condos: How Can an FHA Loan get approved if the by-laws have a Right to First Refusal?
I am a Condo Association president. Recently, treat a unit was purchased with an FHA Loan. Our By-laws have the Right to First Refusal, we also have a pending lawsuit with Illinois Department of Transportation and an individual ownership of a common element 2.78%. According to FHA Condo Approval Checklist having these would deny the approval of a loan. Tell me how did this FHA Loan get approved? And, what can we do about it?
Best answer:
Answer by Ed Atun
No FHA loans are supposed to be permitted in complexes that retain the right to “screen” buyers or “reject” buyers. Your Right of Refusal would usually be cause for FHA to deny financing to a buyer.
FHA loans used to go to the local office of Housing and Urban Development for approval. That was so time-consuming that HUD offered local lenders “direct underwriting approval” for FHA loans. The underwriter for the loan in your complex failed to do her job.
You could get her fired but the loan will probably remain in place. There is no process in place to “undo” a loan.
Add your own answer in the comments!
My guess is that there was a spot approval done & the UW did not read the by-laws & someone did not fill out the the condo questionnaire properly or it was falsified by someone. This loan has probably already been insured by FHA if it has been more than a month & unless a random audit is done it will never be caught. If the borrower defaults on the loan then FHA will be looking at every bit of info in that file. That is when it would get caught & the originating company would have to buy the loan back. I am not sure why this is a problem for you at this time. It should not affect the association in any way.
The reason FHA does not allow Right To First Refusals is that it is discriminatory. The pending lawsuit should have shown up in the title search if it has been filed.