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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.
Location: central, between Pepe's Tacos and Roberto's
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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.
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.
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.
Working with the government is never easy.
Up until the last yr. there was no real need to use FHA.
It all comes down to risk and accountability, and money.
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FHA Approval
