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Most Popular: | 1. | Q. I have very little experience of FHA loans but do understand that
they are for people with low downpayment and good / fair / bad
credit and decent employment history - correct?
At what point or how would you decide whether to try to go FHA
or with a B C D Lender - can you give me some crdit score guidelines
and / or other criteria.
I have had a lot of experience in doing refinances for some pretty sad
cases and many of the B C D lenders are very flexible so I am trying to
figure out why I would need to go FHA - and put myself thru the learning
curve as I have heard that FHA is a much more involved process ):
| | 2. | Q. I have been an originator for 3 years, but have NEVER done an FHA loan. I recently moved to a new city and opened a net branch. As I have been speaking w/ realtors, I am learning FHA is King in this market. Who are some of the better lenders offering FHA in terms of underwriting, pricing, and programs. Are there different types of FHA programs? Where can I find more information to make me more knowledgable and competitive in FHA?
I currently work with Chase, Flagstar, LoanCity, and CW.
| | 3. | Q. I just don't get this mortgage stuff. I am a start person but have no experince with mortgages. I have gone through Brian's dvd's more than once and still do not understand the steps I must follow. I have a person who wants me to complete a refi on his home. He has a VA loan and a credit score of 500. What are my steps? Do I need to know what his house will appraise for in order to move forward with the next step? What are all of the steps I need to take? Here are my thoughts. I get a credit report and information about income. If credit report has a score were I can find a bank that will work with that score I then complete a GFE and a broker agreement. Then have the customer complete an application. Put whatever forms are required and send to the bank or our in house processor? I will have lots of questions everyday until I get a good understand of how this works. Can someone there just tell me what are the steps I should take to complete my very first deal! I have been a broker since January 04 and just don't know how the mortgage business works.
| | 4. | Q. Please refresh me if you will. On an FHA refinance, what is the refund procedure for the MIP premium. Do the borrowers get a % of this amount back at a later date, with the sale, etc. Please advise. Thanks, Mike
| | 5. | Q. New mortgage borker in California, need an FHA / VA approved lender for possible FHA or VA loan. Customer with only VA pension benfits of $14,000 annual income, FICO 620, little to no money for down payment.
Any advice?
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