Posts Tagged ‘loan officer’

Many people may not understand the difference between an FHA underwriting guideline and a lender overlay, but I am going to try to explain it here, because there are some very interesting things happening in this arena currently. First of all, where a lot of people get confused is what is an FHA Insured Loan? Basically, it means that FHA insures that the loan will perform, it does not mean that FHA is loaning the money for the home loan and this is where the difficulty begins. Read More

One of the best things about having an FHA loan in Eugene/Springfield, OR in the past was the ability to get a lower rate with a “Streamline” refinance. In this process, about all you had to do was prove you were current on your mortgage, nothing else was required. That all changed on Friday when FHA issued new rules for the FHA “Streamline” refinance program though their mortgagee letter #2009-32. Surprisingly, FHA actually wants you to be able to make your payment too. (LOL) So, they want proof that the borrower is employed and has income. Read More

So, you have been considering buying a duplex and having your renter make part of your house payment for you, right? Well, I am looking at the writing on the wall and seeing a change coming as more and more lenders require a minimum of 20% down payment on owner occupied duplexes.  Right now, it is possible to purchase a duplex with only 5% down, if it is owner occupied, using conventional financing, but that appears to be changing rapidly. Read More

What do you need to make application for an Oregon FHA mortgage loan? Honestly, you don’t need anything except for the knowledge of your income and assets to make application but to get a valid pre-approval for an Oregon FHA mortgage loan there is a list of things that you will need to get this done. An experienced loan officer will know that they may be able to get an automated approval, but until they are able to prove what they are telling the automated system, it might as well be written in smoke. These are items that an experienced FHA loan officer should ask you for at your first meeting because they will be needed. Read More

Now that you have found a FHA Mortgage Loan Officer that is accessible, it is time to find out if they are the right one for you. So, it is time to ask some questions. First of all, I think you need to ask if they are working for a company that is approved to originate FHA loans. A real basic question, but it is amazing how many people aren’t. Next, how about asking them about their FHA loan experience? How long have they been originating FHA mortgage loans? What kind of FHA mortgage loans do they originate? Do they know the difference between a 203b and a 203c? (203c is on a condo and they should know that and not have to look it up.) Read More