Posts Tagged "bylaws"

How Can an FHA Loan get approved if the by-laws have a Right to First Refusal?

on Jan 15, 2013 in FHA Information | 1 comment

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 kakakosCall 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 LOCKNLOAD1Government 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. Know better? Leave your own answer in the comments! 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 AtunNo 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! How Can an FHA Loan get approved if the by-laws have a Right to First...

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