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First-time buyer

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BRCJR

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Elite Member
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Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
My oldest filled out the FHA loan application (contact form) on-line through the HUD website almost a month ago.

If, this is the wave of the future, conventional lenders may not have as much to worry about as I thought.

No one has contacted her in any form or fashion. Anyone have any idea what is a typical "turn-time" for them to respond?
 

timd354

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Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
My oldest filled out the FHA loan application (contact form) on-line through the HUD website almost a month ago.

If, this is the wave of the future, conventional lenders may not have as much to worry about as I thought.

No one has contacted her in any form or fashion. Anyone have any idea what is a typical "turn-time" for them to respond?

FHA does not actually make residential loans, but rather only guarantees the loans, so I have no idea why they would have an application on their website. I would recommend that your oldest contact a reputable lender to get qualified for a mortgage loan, whether it is going to be a FHA guaranteed loan or a conventional loan.
 

BRCJR

Thread Starter
Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
FHA does not actually make residential loans, but rather only guarantees the loans, so I have no idea why they would have an application on their website. I would recommend that your oldest contact a reputable lender to get qualified for a mortgage loan, whether it is going to be a FHA guaranteed loan or a conventional loan.

My bad, I meant she was filling the form out to see if she would qualify for an FHA insured loan. I am not fimilar with the form, as she was telling me about it and said she found it on the HUD website.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
My bad, I meant she was filling the form out to see if she would qualify for an FHA insured loan. I am not fimilar with the form, as she was telling me about it and said she found it on the HUD website.

I don't have any idea what form that she would be talking about, but she good could probably get better information and advise, as well as a much quicker answer from a reputable mortgage lender. Being an appraiser, you must know some reputable mortgage professionals that could help her out...most mortgage people have plenty of time on their hands right now.
 

BRCJR

Thread Starter
Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
I don't have any idea what form that she would be talking about, but she good could probably get better information and advise, as well as a much quicker answer from a reputable mortgage lender. Being an appraiser, you must know some reputable mortgage professionals that could help her out...most mortgage people have plenty of time on their hands right now.


I work for a lender that will do 95% with her credit score, but she was just checking on FHA, and ask me how long it should take for someone to respond from HUD, as she is a first-time homebuyer and the 2 percent difference in downpayment would help her a little.
She could go conventional no problem with an 80/20, she was trying to research her best direction. No biggie one way or the other.

I was looking more for someone that may know of a typical response time after her initial contact with HUD through their website, which appears to be almost non-functional.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
FHA does not actually make residential loans, but rather only guarantees the loans, so I have no idea why they would have an application on their website. I would recommend that your oldest contact a reputable lender to get qualified for a mortgage loan, whether it is going to be a FHA guaranteed loan or a conventional loan.

Uh! FHA does not guarantee the loan. They insure the loan. The VA guarantees the loan.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
My oldest filled out the FHA loan application (contact form) on-line through the HUD website almost a month ago.

If, this is the wave of the future, conventional lenders may not have as much to worry about as I thought.

No one has contacted her in any form or fashion. Anyone have any idea what is a typical "turn-time" for them to respond?

Your oldest should go directly to a bank that does FHA loans. (such as B of A) The on-line company is likely a broker and they have to shop for a lender who will split fees with them. Besides, that on-line application site might be from a broker who is out of business as most of them are.
 
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