Khash Saghafi NMLS, Mortgage Loan Officer, Cleveland OH NMLS 1114762 (Liberty Home Mortgage Corporation)

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Rainmaker
931,757
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

You should be posting this to your blog, because the information itself is important enough that it should stand on its own.
One of my BFFs is a national FHA VA lender, and although I did not know this, it does not surprise me because the borrowers are vetted very carefully before pre-approval.
In 10 years working with them, I don't recall a single deal we've ever closed go into default.

Jun 18, 2018 04:37 AM
Rainmaker
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

There is also a period where so many consistent payments have to be made to have the full insurance in place.

Jun 18, 2018 04:47 AM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Now I get FHA delays! You should totally post this to your blog - this is information that would help agents understand the process as well. 

Jun 18, 2018 06:04 AM
Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I did not know Khash, this topic will be great for a blog.

Jun 18, 2018 05:10 AM
Rainmaker
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Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Really? Wow...

Jun 18, 2018 07:00 AM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Khashm

I was not aware of this. A

Jun 18, 2018 06:33 AM
Rainmaker
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Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I had no idea of the specifics, but it makes sense for a lende to be extra cautious. It is also a protection for the borrowers, in a way, to keep them from getting into a situation that would be detrimental to them down the road.

Jun 18, 2018 05:40 AM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

This would make  a great blog. Many buyers and also buyer agents do not know this. I have worked the mortgage side of things too which makes it easier to understand the whats and whys some days.

Jun 18, 2018 05:39 AM
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I did NOT know that.  Great blog topic, Khash. 

Jun 18, 2018 05:36 AM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Some people are lucky that their closing in only delayed as opposed to being rejected. Not everyone should qualify for a loan. Some companies take risks only to face the consequences!

Jun 18, 2018 05:17 AM
Rainmaker
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Khash... I had no idea. Wow! So important to know.

Jun 18, 2018 04:40 AM
Rainmaker
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Lesley Wilson-VanGoethem
Innovative Realty Solutions Group - Winter Springs, FL
Residential Real Estate Broker Associate

Was not aware, thanks for sharing!

 

Jun 18, 2018 04:33 AM
Rainmaker
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Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

I didn't know that.  Very interesting & a valuable accountability factor.  

Jun 18, 2018 04:21 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

I wish the feds would get out of the lending business.

Jun 18, 2018 07:47 AM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

wow.... that delinquency is not in the control of the lender....why are they penalized?  alot of situations happen within 2 years....

Jun 18, 2018 07:40 AM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I know there are guidelines and lenders are measured on defaults ... and that is not just with FHA, I understand it. 

Jun 18, 2018 07:04 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Lesley Wilson-VanGoethem nailed this one!

Jun 18, 2018 06:01 AM
Rainmaker
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Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Yes & what to do about it?  You can only check so much & abuse the underwriters.

Jun 18, 2018 05:32 AM
Rainmaker
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Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I have heard this, Khash Saghafi . The lender needs to make sure the buyer is qualified.

Jun 18, 2018 07:31 AM
Rainer
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J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

Great information to have for reference. 

Jun 18, 2018 06:42 AM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I had no idea.

Jun 18, 2018 06:21 AM
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I had no clue.

Jun 18, 2018 06:10 AM
Rainmaker
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Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Did not know that. I would like to see the source document.

Jun 18, 2018 04:56 AM
Rainmaker
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Richard Weeks
Dallas, TX
REALTOR®, Broker

I wish we knew how many.

Jun 18, 2018 04:56 AM
Rainer
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John Henry, Florida Architect
John Henry Masterworks Design International, Inc. - Orlando, FL
Residential Architect, Luxury Custom Home Design

I take it this is a current law and not something that was in effect before the last Great Recession!!?

Thanks Khash

Jul 17, 2018 03:40 PM
Rainer
148,226
Susan Hale
Re/Max Realty of Defiance,Inc. - Defiance, OH
Re/Max Northwest Ohio Realtor

Did not know about this.  Interesting. Thanks for sharing this info.

Jul 17, 2018 06:33 AM
Rainmaker
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Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - Lafayette, IN
West Lafayette homes for sale

I enjoyed reading this and the comments by other Active Rain members.

Jun 24, 2018 07:25 AM
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Wow, I need tro let my lender know that ,  thanks

 

Jun 22, 2018 09:28 AM
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Wow, did not know that.

Jun 22, 2018 07:13 AM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Khash Saghafi - frankly, I did not know this.

Jun 18, 2018 09:16 PM
Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I'm not a lender.

Jun 18, 2018 07:27 PM
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Well if that is strue most of the bnaks should have clsoed years ago!

Jun 18, 2018 06:58 PM
Rainmaker
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Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

No I wasn't aware of this. Is it really true? I'm sure that extenuating circumstances would protect the lender.

Jun 18, 2018 03:23 PM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Fascinating fact!  

Jun 18, 2018 02:58 PM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for sharing this perspective.

Jun 18, 2018 11:27 AM
Rainmaker
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Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

If you do blog about this make certain to also explain the conditions that would compel the 'bank' to buy-back the mortgage from FHA. That is the real issue.

Jun 18, 2018 10:49 AM
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Never heard of this ?

Jun 18, 2018 10:46 AM
Rainmaker
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Smaller banks are loser on loan requirements....

Jun 18, 2018 08:48 AM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Was not aware of that.  We don't get many FHA or VA loans out here.

Jun 18, 2018 08:26 AM
Ambassador
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I was not aware. As others said, this is important information and deserves additional explanation and exposure.

Jun 18, 2018 08:12 AM
Rainmaker
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Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Is this really true? -Kasey

Jun 18, 2018 07:57 AM
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Is this an example of unintended consequences? 

Jun 18, 2018 07:54 AM