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06-16-2008, 06:03 PM
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Humanitarian Vigilante
Status:
"Float like a butterfly, sting like a bee."
(set 13 days ago)
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Join Date: Jan 2008
Location: Broward County
2,069 posts, read 1,618,111 times
Reputation: 542
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why are only SOME brokers FHA certified ?
I don't understand why some brokers are not FHA certified. Wouldn't it behoove them to be FHA certified ? With today's economy and lenders requiring 10-20% down, I see many people being able to qualify for FHA loans only with their beautiful 2-5% down requirements. Also..is there an official list out there that lists mortgage brokers that are FHA certified ? or do you just need to ask the broker.
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06-16-2008, 06:37 PM
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Senior Member
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Join Date: Feb 2008
Location: Las Vegas, Centennial Hills
1,757 posts, read 1,309,267 times
Reputation: 352
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Quote:
Originally Posted by heydade
I don't understand why some brokers are not FHA certified. Wouldn't it behoove them to be FHA certified ? With today's economy and lenders requiring 10-20% down, I see many people being able to qualify for FHA loans only with their beautiful 2-5% down requirements. Also..is there an official list out there that lists mortgage brokers that are FHA certified ? or do you just need to ask the broker.
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Lender List - HUD
That will allow you to look up FHA approved lenders and brokers in any area of the country. |
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06-16-2008, 06:40 PM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,119 posts, read 3,531,291 times
Reputation: 670
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because it takes a lot to be HUD approved, and the process for approval is very long
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06-16-2008, 08:34 PM
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Humanitarian Vigilante
Status:
"Float like a butterfly, sting like a bee."
(set 13 days ago)
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Join Date: Jan 2008
Location: Broward County
2,069 posts, read 1,618,111 times
Reputation: 542
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excellent. thanks
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06-16-2008, 09:38 PM
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Somewhere - it's all in the attitude!
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Join Date: Jan 2007
Location: Boca Raton, FL
1,313 posts, read 876,295 times
Reputation: 436
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FHA Approval
It's not that hard to get approved but for a small broker, it means you must have $63,000 in liquid assets and go through an audit each year (cost around $5000).
There are a lot of FHA approved brokers who are working with those that are not approved.
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06-17-2008, 11:18 AM
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Senior Member
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Join Date: Mar 2007
1,803 posts, read 1,500,895 times
Reputation: 349
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Quote:
Originally Posted by heydade
I don't understand why some brokers are not FHA certified. Wouldn't it behoove them to be FHA certified ? With today's economy and lenders requiring 10-20% down, I see many people being able to qualify for FHA loans only with their beautiful 2-5% down requirements. Also..is there an official list out there that lists mortgage brokers that are FHA certified ? or do you just need to ask the broker.
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Working with the government is never easy.
Up until the last yr. there was no real need to use FHA. |
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06-19-2008, 11:23 PM
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Member
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Join Date: Nov 2007
Location: Phoenix
73 posts, read 49,969 times
Reputation: 19
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It all comes down to risk and accountability, and money.
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