8 Reasons Why You Should Use An FHA Approved Lender In Salt Lake
October 22nd, 2007 Categories: FHA
8 Reasons Why You Should Use An FHA Approved Lender
- 1. FHA Approved Lender Can Offer You Conventional Products, But A Non FHA Approved Lender Cannot Offer You FHA
- 2. FHA Approved Lender Has To Have A $250,000 Net Worth, 20% Has To Be Liquid
- 3. FHA Approved Lender Has To Have A Written Quality Control Plan.
- 4. FHA Approved Lender Has To Go Through Annual Audits Of Their Files
- 5. FHA Does Not Use FICO Score*
- 6. FHA Allows The Seller To Contribute Up To Six Percent For The Buyer*
- 7. FHA Allows The Down Payment To A Be Gift*
- 8. FHA Allows Co-Signers
I only refer FHA Approved lenders to buyers. FHA is not always the best loan out there. However when it is the right one, conventional won’t touch it. Referring to item number one, a lender that is FHA Approved has all the products of the non FHA lenders, but the non FHA lenders don’t have FHA. That fact alone is enough to only refer FHA approved lenders.
Does that mean those lenders that are not FHA approved are not as good? Absolutely NOT. There are plenty of great non FHA approved lenders, they just have less to offer.
In the recent past the Salt Lake City Real Estate market was very strong (Salt Lake 3rd Quarter Report) and conventional loans were lax, so FHA was not used to often but is coming back read FHA Roaring Back To Life In Salt Lake
*(Restrictions apply)
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