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Many new loan officers are streaming into FHA loan origination. Their FHA loans are being turned down left and right by frustrated underwriters who can’t believe such junk was put on their desk. It was not their intention to submit junk. The problem is that they are accustomed to the conventional mortgage submission process, not the FHA manual submission process.
I’ve posted something about FHA mortgages on my blog over at the Active Rain real estate and mortgage community that FHA Loan Advice readers might also find interesting. You can find the post here: “FHA Stormfront“. I would love to hear some comments on the issue. (There is also a lot of very good FHA information available on Active Rain.)
Many subprime loans for borrowers with past credit problems have substantial prepayment penalties.
FHA loans do not have prepayment penalties with one small exception. When you pay off an FHA loan through either selling or refinancing the property, you must pay interest through the end of the month in which you are paying off the mortgage. So if you are selling or refinancing to pay off an FHA mortgage, make sure your payoff reaches your lender as close to the end of the month as possible. Otherwise, you will be paying interest for the rest of the month after you have already paid off the mortgage.
Many new loan officers are streaming into FHA loan origination. Their FHA loans are being turned down left and right by frustrated underwriters who can’t believe such junk was put on their desk. It was not their intention to submit junk. The problem is that they are accustomed to the conventional mortgage submission process, not the FHA manual submission process.
