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The Loan Officer Interview
Subject: FHA insured mortgages
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Team Deschacht: What is according to you the best improvement FHA has recently made?
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Stevie Weaver: The simplified appraisal process, which is comparable with conventional appraisal requirements. The reduction of required repairs. Although on Jan 3rd 2007 there were some adjustments to certain Counties regarding the FHA loan limits Mohave County was not one of them. Mohave County FHA loan limits have not changed since November 13th 2004.
Caryl Sheely: No Fico Score is needed and non-traditional credit such as cell phone bill,utility bills, car insurance etc. can be used.
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Team Deschacht: What are the current loan limits for Mohave County (Bullhead City, Fort Mohave, and Mohave Valley)?
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Caryl Sheely: The following are the loan limits for mohave county: Single family -$244,600, Two family -$275,500, Three family - $334,750 and Four family $386,250.
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Team Deschacht: How much money do I need in the bank to buy a home with an FHA insured loan?
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Stevie Weaver: $0.00 – Gifts are permitted for the entire Down Payment & Closing Costs! The Realtor will request an Earnest Deposit that will be applied to your closing costs. Also, there are no reserve requirements for FHA loans! We simply need to know that you can make the monthly mortgage payment that you qualify for.
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Team Deschacht: Has it become harder to qualify for an FHA insured loan due to the subprime crisis?
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Stevie Weaver: Not at all, FHA has always been easier to qualify for a loan and they haven’t changed the qualification requirements. If anything, it’s easier right now because FHA Insures your loan against default so Lenders are more willing to approve you.
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Team Deschacht: How do I know a property qualifies for an FHA insured loan?
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Stevie Weaver: Single family homes, 1 to 4 units, Condo’s, Manufactured, PUD’s are all approved for FHA. Condo’s are limited and can be researched at: https://entp.hud.gov/idapp/html/condo1.cfm An FHA Appraiser will perform the appraisal and will notify us should there be any issues with the property.
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Team Deschacht: Can the seller pay my closing costs? If so up to how much?
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Stevie Weaver: Absolutely! The seller can pay up to 6% of the closing cost and prepaids including Taxes and Insurance.
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Team Deschacht: Why should I consider an FHA insured loan?
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Stevie Weaver: 4 Simple Reasons: 1 - Low or no down payment. 2 - Easier to get approved. 3 - Competitive Interest rates and LOWER Mortgage Insurance premiums. 4 - Lower Monthly payments.
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Team Deschacht: Can I go to FHA directly to apply for a mortgage?
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Stevie Weaver: Not exactly, you can contact FHA directly for a list of approved FHA Lenders. Visit http://www.hud.gov/buying/loans.cfm or call (800)-225-5342 Mon – Fri 8:00 am to 8:00 pm ET. Not all Lenders are FHA approved so if you are considering a FHA loan and you have a preferred Lender ask them if their FHA approved.
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Team Deschacht: Is there an income limit on an FHA insured loan?
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Caryl Sheely: There are no income limits.
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Team Deschacht: How long does it take to get approved for an FHA insured loan?
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Stevie Weaver: No longer than it takes for a conventional loan. Your Lender should be able provide you and your Realtor with an approval within 24 hours.
Caryl Sheely: It usually depends on the lender's in-house processing time frame.
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Team Deschacht: Can I get into a home with no money down?
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Stevie Weaver: Absolutely! I personally acquired an FHA loan back in 2000 as a single mother, my total out of pocket cost were $500.00. Which is why you should work with me, I have the personal experience of not only closing FHA loans for buyers just like yourself but obtaining one myself 8 years ago!
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Team Deschacht: How long does it take to finish an FHA insured loan from application to close of escrow?
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Stevie Weaver: 30 days or sooner. As long as you provide the documentation needed in a timely fashion we can close your loan within the 30 day time period.
Caryl Sheely: Usually about 30 days.
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Team Deschacht: What else would you like to tell me about FHA?
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Stevie Weaver: FHA will allow the lender (ME) to buy your interest rate down for the first two years of the loan. What this means to you, the buyer, is that your payment would be lower for the first 24 months! This is beneficial for several reasons but the most important reason, it can save you Thousands of $$$$$. Some Lenders choose not to offer this to their clients but we do!!! Why do we offer this? Because it is the right thing to do and it is extremely helpful if you’re expecting an increase in income in a few years.
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