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Was there a change to the rules for this? I am dealing with an out of state mortgage company and have been for the last year. They are now saying they cannot give me an fha loan because of new regulations saying they have to be in the same state. They have been acting really strange lately besides that and I'm starting to think they just lied. Does anyone know about this?
Location: central, between Pepe's Tacos and Roberto's
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There are smaller regional lenders that can only originate FHA in their region, and there are larger lenders that can do 50 states. That said, the rules did not recently change. It's possible that your lender had the ability to originate an FHA loan in your state when they started working with you, but lost that ability over the course of the year. You shouldn't have any trouble finding a lender that can originate FHA in NY.
no recent changes. Maybe their license in one state was revoked or they choose not to continue originating loans in that state. Sounds fishy to me though.
Thanks everyone. I think they are just Full of it. I have a feeling they ran out of funds. They were really positive for a long time, then all of a sudden they acted as if they could not help me. What I do know is they just gave out a loan to someone I work with. Right after that they said that the rules have changed. Which is why I am led to believe they ran out of funds. Frauds.
If I am working in Massachusetts but I am looking to buy a house in ct , can I do this with an fha loan? I was told buy someone that I have to live and work in the same state. Is this true?
You have to have a reasonable commute. FHA loans are for Primary Residences. In the NE, though, a reasonable commute can transverse several states.
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