topic Re: FHA case number questions in Mortgage Loans

FHA case number questions

smiths38 — Fri, 22 Feb 2013 05:20:22 GMT

Hey everyone,I have a couple of questions regarding FHA case numbers.How long are the case numbers valid? Once a case number has been assigned,what if someone else gets the house,can you use the same case number for a new contract on another house?

Re: FHA case number questions

ShanetheMortgageMan — Fri, 22 Feb 2013 05:27:09 GMT

FHA case #'s are vaild for 6 months and stick with the property they were requested on. So if you get an offer accepted, an FHA case # was requested, and for whatever reason you didn't continue to purchase that home and instead got an offer accepted on another home, a new FHA case # would be ordered.

Re: FHA case number questions

smiths38 — Fri, 22 Feb 2013 06:01:31 GMT

Thank you very much Sir.

Re: FHA case number questions

maliluka — Fri, 22 Feb 2013 10:40:25 GMT

So how does that work on a new build ? Say you go through the approval process, you have the contract on the property but by the time you actually close it may be past the 6 months from the initial approval or contract date.

Re: FHA case number questions

ShanetheMortgageMan — Fri, 22 Feb 2013 19:04:49 GMT

The 6 month period can begin over again when the appraisal information is entered, as FHA automatically cancels case #'s after 6 months of inactivity from the "last action"... but entering appraisal information qualifies as a "last action". So technically you could have an FHA case # requested, and around month 5 have the appraisal completed and submitted to underwriting (the underwriter enters in the appraisal information, it's not entered right after the appraisal is done), where a new "last action" date will be reflected within the FHA case # and then it'll stay active for another 6 months. Reinstating FHA case #'s that have already been cancelled cannot be done just to continue with the old mortgage insurance premiums.

Re: FHA case number questions

DallasLoanGuy — Sat, 23 Feb 2013 03:26:59 GMT

@ShanetheMortgageMan wrote:
The 6 month period can begin over again when the appraisal information is entered, as FHA automatically cancels case #'s after 6 months of inactivity from the "last action"... but entering appraisal information qualifies as a "last action". So technically you could have an FHA case # requested, and around month 5 have the appraisal completed and submitted to underwriting (the underwriter enters in the appraisal information, it's not entered right after the appraisal is done), where a new "last action" date will be reflected within the FHA case # and then it'll stay active for another 6 months. Reinstating FHA case #'s that have already been cancelled cannot be done just to continue with the old mortgage insurance premiums.

i think i knew this.... but couldn't have explained it as well.