Asked by Perplexed, Tampa, FL • Mon Feb 8, 2010
I've contacted a few FHA-approved lenders and have learned that under this program, you now must have a full credit check (and qualify) and the property must be appraised; these steps were not necessary in 2001, when I last refinanced under this program. I suspect either they are wanting to convert me to a conventional loan, or perhaps HUD/FHA has thrown up its hands and told the lenders, "do whatever you want."
For the record, I DO have a current FHA loan, and in 11 years, have NEVER had even so much as a late payment. I currently live in the home. To my knowledge, these are the only requirements.
Can anyone explain why these lenders are now treating this program as a standard conventional loan?
Real Estate in Tampa
Popular Categories in Tampa
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!