Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
how are you a FHA appraiser and real estate agent?
That's against HUD Guidelines
I am not a real estate agent. Because there is a no appraiser section on this forum I had to go with that.
Incidentally, there is no problem with being both. In fact, you will find that many appraisers are also real estate agents. My partner is. In fact, in order to have access to MLS we have to be members of MLS.
All we need to do is disclose that fact if we are dealing with one of our own properties.
I know appraisers who also hold a mortgage broker license. Not a problem, as long as all transactions are disclosed.
HUD does not allow a practicing FHA mortgage broker to be an appraiser or real estate agent or vice versa. If you write FHA loans or appraise for FHA you have to be EXCLUSIVE to one hat, and it's not per transaction.
I'm not allowed to write a FHA loan on 1 deal...then sell a home as a real estate agent on another deal. It's against HUD guidelines. There is 1 exception to the rule but there aren't any or none that I know of that offer FHA Mortgages and are a Real estate company within the SAME company.
Quote:
Originally Posted by Schousse
I am not a real estate agent. Because there is a no appraiser section on this forum I had to go with that.
Incidentally, there is no problem with being both. In fact, you will find that many appraisers are also real estate agents. My partner is. In fact, in order to have access to MLS we have to be members of MLS.
All we need to do is disclose that fact if we are dealing with one of our own properties.
I know appraisers who also hold a mortgage broker license. Not a problem, as long as all transactions are disclosed.
HUD does not allow a practicing FHA mortgage broker to be an appraiser or real estate agent or vice versa. If you write FHA loans or appraise for FHA you have to be EXCLUSIVE to one hat, and it's not per transaction.
I'm not allowed to write a FHA loan on 1 deal...then sell a home as a real estate agent on another deal. It's against HUD guidelines. There is 1 exception to the rule but there aren't any or none that I know of that offer FHA Mortgages and are a Real estate company within the SAME company.
I don't think so. Can you link the HUD clip where it states that?
don't have it on me anymore but post it on brokeroutpost you'll see or call HUD. They'll give you the link. There are a few people here on this forum who know about it
this only applies to if you're dealing with FHA loans
Quote:
Originally Posted by Schousse
I don't think so. Can you link the HUD clip where it states that?
FHA only does cash out refinances to 85% loan to Value; FNMA and FHMAC only go to 75% Loan to Value. In the state of Texas you are limited to 80% of the equity on a cash out refinance, and there are strict rules that kick in when and if you do this in Texas.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
LendAmerica
