How To Cancel Fha Case Number?
How long does it take to reassign an FHA case number?
I had briefly started a mortgage application with Company A, then decided to go with Company B. The day before our scheduled closing, Company B tells us that Company A never released the FHA case number. They told me that the number would have to be canceled and then reassigned before we can close. Three days ago, they told me that the the number had been canceled, and that it would take 24 hours to reassign the number. Well, I'm still waiting. How long should this process take? We've had some issues with this lender, and I'm having a hard time trusting anything that they say. Just to clarify, the number has been released by the original company, and subsequently canceled. What is holding us up is that the number has to be "reassigned" (and is now apparently in the hands of HUD). I'm just wondering how long the reassignment process should take.
Once the old lender cancels (which is done according to you) the new lender goes onto the FHA connection & gets a new one. 24 hour MAX unless there is something keeping it on hold such as an incorrect address or something.
Can I take out 2 FHA loans?
Can I buy a second home using an FHA loan if I have a current FHA loan? The reason I am asking is a mortgage broker told me that that was impossible that I had to take out a conventional loan for the second house. My current house I am renting out.
You may not take out 2 FHA loans except you meet one of the extenuating circumstances below:-
You are relocating to another area which is not within reasonable commuting distance.
If you a co-borrower in a property purchased by FHA for a family member----- and you are not occupying that property, you may take out another FHA for your principal residence.
If you currently own an FHA property which loan you have significantly paid down.....but now your family size increases, you can take out FHA for a bigger house.
If one party leaves a jointly-owned FHA financed home, with the other co-owner keeping the property.....as in the divorce; then the one moving out can get an FHA loan for another property of his or hers.
I am in the process of getting an FHA Loan and may need to change lenders. How can I use the same appraisal?
I was told the appraisal needs to be logged in to the FHA Connection Site and it wasn't. Who is responsible to log the appraisal; the mtge company or appraiser? thanks
All FHA loans are originated through the FHA connection site. An FHA appraisal CANNOT be done unless the loan is opened through the portal. For one thing, it tells the underwriter if the address is approved or not and other critical information.
The appraisal is assigned to the mortgage company and ONLY the appraiser can re-assign it. Many appraisers will refuse to do this unless you pay for another appraisal...because technically, it is a new appraisal even though they may be using the same information.
You also cannot have the same address used more than once...because if you change lenders, the first loan will have to be cancelled before it can be originated again to get a new case number.
Why are you wanting to change lenders?
do u need down payment on a mortgage loan if u r qualified for an FHA loan... my very first mortgage loan ten years ago was an FHA.. i sold my house two years ago.. Can i qualify for another FHA loan
FHA is not first-time buyer program and I have no idea of why people think that it is.
You cannot buy a home without any money in the deal...you'll have to have earnest money, some pre-paids. The only thing FHA allows you to do is to put down less than other programs, but you'll pay MIP to compensate for that.
You can only have 1 FHA loan at a time, and it must be your primary residence.
Can I carry two FHA loans simultaneously? Or do I have sell first property prior to buying second?
I have an FHA loan on a condo, & now I want to move & buy a house with an FHA loan, do I have to sell my first property before I can buy the second property? Or will I be allowed to have two FHA loans simultaneously? (I would love to secretly keep the first condo and rent it to my brother in law)
Answer is, it depends. FHA loans require you to owner occupy the property for the first 12 months after closing if you bought it as a primary residence. After that time you can rent the property and acquire another using FHA financing. Then repeat next year if you like.
VA loans are limited to one at a time. FHA loans are different. However, you may run up against the number of properties owned rules from your lender. Some limit you to four with mortgages, others to eight with mortgages. This usually applies to FNMA and FHLMC lending, but some lenders