what does it mean if my mortgage broker said that she has been talking with an investor to help in?
the? process of my FHA loan? I been approved for a fha loan and put a bid on a foreclosed house that cost $28,000. She mentioned something about HOPA and a investor buying it...What does this all mean and why would a investor need to buy the house if it's bank owned and the repairs are minor and I made an offer on the house to the bank and not a investor?
Your agent should be able to explain it to you in plain english. If she can't, find another agent.
I'm not sure, I guess it's because the lack of credit since I have no traditional established credit. I always paid for my stuff in cash and the house being only $28,000. She said the banks had tightened up on credit lending since last time I was approved over 90days ago. That is what my update of a pre-approval was for because the offer from the bank had wanted that information I guess when they accepted the offer.
Unconfirmed who stated exactly what however if you are approved why would your realtor want to have an investor involved if you all ready know condition of the property . Bill is correct speak too your agent OR their broker
Jay,
Time for a conversation with your agent to request an explanation.
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