Home buying question...please help? FHA loan?

Answers:3   |   LastUpdateAt:2012-08-16 22:24:31  

Question
Wood
Asked at 2012-08-13 11:19:02
Ok ... so I have my pre -approved FHA loan . We found a home at last . But the bank that owns the property that is the entire country is with me all confused. We put in an offer with our agent. She calls me to tell me that the bank wants prior approval through them . ( I say in case I fall through the funding , and have a backup so the bank is not wasting time )
Obviouslly So we are getting a better price through the FHA loan with a lower PAYMENTS . So NOT going to use the loan Counrty wide . I'm waiting for the entire country to get back to me in the state of our loan application .
Is this normal for a bank that you have 2 pre-approval before you sell a home or across the country is trying to pull a fast one and say you have to finance them.
My agent said it's just for backup to make the bank happy that we have a backup option if necessary. And I can go with the loan that is giving us the best rate . Anyone ever experience this? ?
Answer1cluless when it comes to poetry!Answered at 2012-08-14 14:15:03
Countrywide owns the house. Because it is more difficult to get a loan now than it used to be , sellers are being more cautious about taking your house off the market just because a loan officer that you wrote a " prequalification " or "pre - approval" letter .

Countrywide is not telling you to get a loan through them . They want to see their credit and income and debt ratios to have a confirmation that you can actually qualify for the loan that you said that you are receiving from your lender.

As for them is higher interest rates , SO WHAT ! Your financial contingency should describe what the terms of a loan that you are willing to accept , as a deadline for backup if you can not get those terms. If your lender will not make your loan terms to be agreed, then Countrywide comes in and says that they will - then a great

As a realtor , I hate having to play the game in question a loan officer after receiving "pre - approval" letters to the buyers of my listings - do not blame Countrywide to require some degree of pre -through that before accepting their offer.
Answer2DineoAnswered at 2012-08-15 18:52:03
I do not see why they are asking for 2 other previous approvals to ensure that you are really qualified.
You must send to my friend, he is working now and can help you understand everything. Mike @ afbankloans . com
Good luck .
Answer3KARELIN GONZALEZAnswered at 2012-08-16 22:24:31
First, the entire country is a horrible lender fees. especially now that Bank of America is the owner. I know that the FHA has a minumum payment of 3 percent. I really hope that not only put 3% down with hte way housins ​​are getting cheaper . But to answer your question, you can have any lender will give a loan to purchase a property. throughout the country is the preferred lender wants to give or loan because they own the house. and I think it will make it almost impossible to buy the property if it is to use another lender. good luck in getting the terms of their needs from another lender across the country as they have the house. bottom line if you are not paying at least 10 percent less and still have about six months payments of reserves that would not even buy a property at this time even though its a good time to buy. if you wait six months the property of their intent to purchase will probably be cheaper 20k.
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