Words From An Industry Veteran
January 17th, 2008
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Over at FHALoanAdvice.com, Carl Pruitt — a 21-year veteran of the mortgage and real estate industries — has this to say about the FHASecure program and FHA mortgages in general:
“Personally, I have pretty much given up on FHASecure. If I find someone who miraculously actually qualifies for the program, their second mortgage holder often insanely refuses to resubordinate their lien.”
Carl adds that he does see a benefit even from a program which does not perform:
“It is my opinion, though, that the substantial publicity for this loan program has caused more people to look into using the FHA program after they thought they had no way to refinance their mortgage due to falling home values. There has been a real value to that. The standard FHA program already provides a solution for many. They had no other choice but FHA, but they never would have tried FHA without the publicity.”
There is an essential truth to what Carl suggests. That said, I’m not sure we’re helping homeowners facing foreclosure by sending them for FHA mortgages for which they will not qualify.
As to yesterday’s post concerning the new, revised and fictional mission of the FHASecure program, Carl says HUD has “come up with the claim that the term FHASecure really applies to any conventional to FHA refinance! Huh? I know what I heard in the conference calls and read in the mortgagee letter, and this is definitely not what it started out as.”
You can read Carl’s complete post at: FHASecure: What In The World Is Going On?
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