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Old 09-16-2008, 11:04 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,097,622 times
Reputation: 1007

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how are you a realtor and are able to write FHA loans?

Quote:
Originally Posted by rcarrillo View Post
I was surprised by how many Wake County and some other areas here in Central NC are okay for USDA. The process isn't that bad if you know the rules... same as FHA. I hear lots of buyers, Realtors and loan officers complain about how slow and tedious they are, but if you know the rules and put everything together then it is pretty easy.

People say that "sub-prime" loans were easier and faster, I never found that to be the case. I always prefered a good My Community or FHA loan.
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Old 09-16-2008, 01:28 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,595,258 times
Reputation: 249
Quote:
Originally Posted by renriq02 View Post
how are you a realtor and are able to write FHA loans?
I don't. I have never had a client who needed an FHA. Like I said before, I don't do a lot of purchases. I handle refinances 95% of the time. I am aware that I can not be involved in a loan with my brokers license, if that ever comes up. I just don't think FHA is really that good of a deal. They usually are higher interest rate with lower closing fee's.
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Old 09-16-2008, 01:32 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,097,622 times
Reputation: 1007
higher interest rate?

FHA cashout refinances up to 95% of the value.
FHA rate/term up to 96.5%

Quote:
Originally Posted by brokerdave View Post
I don't. I have never had a client who needed an FHA. Like I said before, I don't do a lot of purchases. I handle refinances 95% of the time. I am aware that I can not be involved in a loan with my brokers license, if that ever comes up. I just don't think FHA is really that good of a deal. They usually are higher interest rate with lower closing fee's.
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Old 09-16-2008, 01:34 PM
 
Location: Charlotte
52 posts, read 116,654 times
Reputation: 23
95% FHA cash out is such a good deal. reduced MIP, sweet rates
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Old 09-16-2008, 01:35 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,595,258 times
Reputation: 249
perhaps its my company discount we get with our lenders licensing, because of the volume we do. but I have yet to see an FHA ever price out better than a conv loan and i price it every time. there has been a couple close ones with clients credit scores under 600...but that's been it, for me that is still a very small amount of business for me. 1 every year or so.
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Old 09-16-2008, 01:36 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,097,622 times
Reputation: 1007
you have to be joking....

todays' par rate for conventional was around 5.375 paying nothing
FHA was at 5.375 paying at least a half.

this is the morning rates....we all know they went up to the skies this afternoon.

Quote:
Originally Posted by brokerdave View Post
perhaps its my company discount we get with our lenders licensing, because of the volume we do. but I have yet to see an FHA ever price out better than a conv loan and i price it every time.
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Old 09-16-2008, 01:57 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,595,258 times
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what loan amount, ltv and credit is that based on?
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Old 09-16-2008, 01:59 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,097,622 times
Reputation: 1007
up to 100-362k
LTV 95% cashout or 96.5% purchase or rate/term
620 with most lenders


Quote:
Originally Posted by brokerdave View Post
what loan amount, ltv and credit is that based on?
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Old 09-16-2008, 06:57 PM
 
Location: Plano, Texas
1,676 posts, read 6,334,862 times
Reputation: 684
FHA rates have been as good if not better then conventional especially if the credit scores are under 680.

I do loans in Texas and FHA will not do cashout refinances in my state, how i wish they would.
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Old 10-06-2008, 11:19 AM
 
779 posts, read 2,965,192 times
Reputation: 623
Quote:
Originally Posted by renriq02 View Post
what lender doesn't offer USDA? lol

You can check the property location eligibility at the following web-site. Go ahead and click on the link even though it says it isn't available. It should still come up:


The requested resource (/eligibility/includes/layout/Welcome) is not available
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