@valley_man0505 wrote:Well, my LO thought I should be okay. He said he thought the dispute thing has already been in effect for a couple months. He said that at worst, they may ask for a letter of explanation. He also said he was pretty sure he would have heard something back from the lender already if something wasn't going to work for some reason and that I should get my decision back from them today.
My account is an FHA--Dallas, you said FHA is not Fannie Mae backed. Now I am really confused because my LO made it sound like my loans would be Fannie Mae backed. Is there a difference between loans that are Fannie Mae backed and loans that could just potentially be transferred to Fannie Mae as part of a portfolio? That sounds like the only tie between my loan and Fannie Mae--that the lender could someday transfer it to Fannie Mae.
I think I need to finda Mortgages For Dummies book
This process is SO confusing.
i think they did this a while back too. as i had it happen on one of my files a few weeks back. i do so little fannie deals that it just now came about.
fha is insured by the govt.
fannie is 'conventional' or 'conforming'
it is not underwritten to fannie mae standards and does not have to follow fannie rules.
anything that you do not understand can be explained by your loan officer. no need for a book.