Quote:
Originally Posted by bossku69
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  |
Things probably have changed. My mom sold her house that was on an FHA loan back in 1990 so it has been a while. Also, I think part of why they dragged their feet is that she was selling it for a fair price, but FHA seemed to think it was worth more and they wanted her to increase the price. Even after she told them that she had it at a higher price before, but got no offers they still weren't happy.