Quote:
Originally Posted by kane
FHA is notorious for dragging their feet. When I was a kid my mom bought the house I grew up in on an FHA loan. When I got out of high school she decided to sell it. She found a buyer, offer was accepted and it took about 6 months for the paper work to go through. She actually lost the first buyer because they got sick of waiting. Luckily the second buyer wasn't in a hurry and loved the house so they were willing to wait.
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the broker (and i heard this from others too) is that FHA loans are processed faster than conventional because the loan is backed by the govt not a investor/investment bank.
im just sick of the BS and what i hear from the broker. things change almost daily and its to the point where it might be better to even walk away because Ill be paying rent for an apt and leasing this house from the buyer... not worth that much money.
the whole system is retarded. a "preapproval" means almost nothing now other than "even if we approve you, this is the maximum amount we will consider." it would make more sense to get the loan FIRST then go find a house, then do all the details like inspections, etc. rather than this way of finding a home, putting down a contract, breaking a lease... then possibly having to reverse all that. complete nonsense
