Financing in Newark>Question Details

Sara, Other/Just Looking in Newark, OH

Is it true that once you are denied a FHA refinance loan you can't apply for one at a different company?

Asked by Sara, Newark, OH Wed Aug 25, 2010

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I will elaborate a bit on the previous answer. Although the answer is correct the next lender will be required to overcome the reasons the previous lender denied the application. This is true for all FHA mortgages - both purchase and refinances. If the new lender can not show the reason for the decline no longer exists or there are other factors to consider then the new lender, per FHA rules, can not overrule the previous lender's decision.

This is only the case where the lender pulls and FHA case number and logs the decline in the FHA Connection database. If the case number was not pulled and the decline was merely done by the loan officer and not an underwriter then you do not need to overcome the decline reason.

Hope this helps.
Web Reference: http://www.LendingAHand.com
0 votes Thank Flag Link Wed Aug 25, 2010
good evening sara......no, that is not true....
best regards..
bob mcclure
mortgage one
brighton, michigan
0 votes Thank Flag Link Wed Aug 25, 2010
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