http://www.mortgagecreditproblems.com/blog/want-an-fha-mortgage-use-an-fha-lender/ Expert Advice & News on Bad Credit Mortgage, Mortgage Refinancing & Home Loans Sat, 31 Jul 2010 00:47:48 +0000 http://wordpress.org/?v=2.3.2 http://www.mortgagecreditproblems.com/blog/want-an-fha-mortgage-use-an-fha-lender/#comment-451 Gina Pogol Fri, 29 Aug 2008 17:27:17 +0000 http://www.mortgagecreditproblems.com/blog/want-an-fha-mortgage-use-an-fha-lender/#comment-451 http://www.hud.gov/offices/hsg/sfh/lender/20020902.pdf shows all the requirements. To summarize, an unsupervised FHA lender (one who can originate, process, and underwrite the loan) has to meet net worth and liquidity requirements, it has to have access to at least $1,000,000 of credit, the resumes and credit reports of its officers must pass muster, it has to be licensed in its state, and it cannot have any sanctions against it.There are also requirements for facilities, employees, insurance coverage, and more. So you can't be a fly-by-night whole-in-the-wall outfit and be FHA approved. In fact, FHA approval isn't a bad thing to look for even if you don't get an FHA loan. It does ensure a certain degree of reputability. http://www.hud.gov/offices/hsg/sfh/lender/20020902.pdf shows all the requirements. To summarize, an unsupervised FHA lender (one who can originate, process, and underwrite the loan) has to meet net worth and liquidity requirements, it has to have access to at least $1,000,000 of credit, the resumes and credit reports of its officers must pass muster, it has to be licensed in its state, and it cannot have any sanctions against it.There are also requirements for facilities, employees, insurance coverage, and more. So you can’t be a fly-by-night whole-in-the-wall outfit and be FHA approved. In fact, FHA approval isn’t a bad thing to look for even if you don’t get an FHA loan. It does ensure a certain degree of reputability.

]]> http://www.mortgagecreditproblems.com/blog/want-an-fha-mortgage-use-an-fha-lender/#comment-449 Janice Fri, 29 Aug 2008 17:16:32 +0000 http://www.mortgagecreditproblems.com/blog/want-an-fha-mortgage-use-an-fha-lender/#comment-449 What sort of criteria do lenders have to have to be qualified to sell FHA loans? What sort of criteria do lenders have to have to be qualified to sell FHA loans?

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