Comments on: Artificial FHA “News” http://www.fhaloanpros.com/2008/07/artificial-fha-news/ The Unofficial Guide to FHA Loans & Mortgages Thu, 18 Mar 2010 03:18:30 +0000 http://wordpress.org/?v=2.6 By: David Reed http://www.fhaloanpros.com/2008/07/artificial-fha-news/#comment-21959 David Reed Sat, 02 Aug 2008 21:18:03 +0000 http://www.fhaloanpros.com/2008/07/artificial-fha-news/#comment-21959 Very good point, Peter. It's also not the easiest thing in the world to be approved to originate FHA loans as a mortgage broker, either. If you weren't FHA approved and there were other loan types available, it's easy to push someone into an alt or sub prime loan simply because the broker didn't have access to FHA loans. Very good point, Peter. It’s also not the easiest thing in the world to be approved to originate FHA loans as a mortgage broker, either. If you weren’t FHA approved and there were other loan types available, it’s easy to push someone into an alt or sub prime loan simply because the broker didn’t have access to FHA loans.

]]> By: marc brinitzer http://www.fhaloanpros.com/2008/07/artificial-fha-news/#comment-21494 marc brinitzer Wed, 30 Jul 2008 21:24:51 +0000 http://www.fhaloanpros.com/2008/07/artificial-fha-news/#comment-21494 You're absolutely right about this being "non news". The reason we couldn't use sensible government loans during the last 8 years here in California was that sellers wouldn't talk to an FHA or VA buyer (or pay the FHA/VA non- allowables) when they had other buyers qualified with subprime 100% "stated income" loans. Now those subprime LOs need access to FHA to survive, but watch out. Most of them have no idea how to put a government loan file together. "What do you mean you need W-2s and pay stubs?" OMG You’re absolutely right about this being “non news”. The reason we couldn’t use sensible government loans during the last 8 years here in California was that sellers wouldn’t talk to an FHA or VA buyer (or pay the FHA/VA non- allowables) when they had other buyers qualified with subprime 100% “stated income” loans.

Now those subprime LOs need access to FHA to survive, but watch out. Most of them have no idea how to put a government loan file together. “What do you mean you need W-2s and pay stubs?” OMG

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