topic Re: Switch from FHA to Conventional on same house and offer in Mortgage Loans

Switch from FHA to Conventional on same house and offer

Anonymous — Mon, 22 Apr 2013 02:47:43 GMT

I am in under writing with FHA loan and they are asking for a stupid condition that my CPA write a letter stating he did my taxes and i lived in same location for 2 years.

This is already in my tax returns. So they have kind of ticked me off by treating me like a chimp jumping through hoops.

So my question is can i switch to a Conventional loan on same house. I have 701 FICO 10% down. I only went FHA becasue i heard it was easy for 1st time buyers.

Well this doesnt seem easy to me. Im suppose to close the 29th and move from Oregon to Florida. No way im making it to close in person now.

I was not getting a good loan anyway with 3.75% rate and my due at closing on a $69,000 house with 3.5% down is $6900.

Can i switch to Conventional with same LO or posssibly with a new lender and LO.

Re: Switch from FHA to Conventional on same house and offer

Anonymous — Mon, 22 Apr 2013 20:05:31 GMT

Do you really think conventional is going to be any easier?

Re: Switch from FHA to Conventional on same house and offer

tooleman694 — Mon, 22 Apr 2013 20:32:37 GMT

You can switch, but your probably gonna be asked for the same stuff or more.

Re: Switch from FHA to Conventional on same house and offer

Adalen — Mon, 22 Apr 2013 20:55:17 GMT

Yeah, the problem is not with FHA, it is with your lender.

Re: Switch from FHA to Conventional on same house and offer

Anonymous — Mon, 22 Apr 2013 22:22:50 GMT

Actually it will save me $1,156 in upfront PMI is the reason to do this and with a new lender.

Re: Switch from FHA to Conventional on same house and offer

Anonymous — Tue, 23 Apr 2013 19:11:47 GMT

I decided to just get the letter from my CPA, he charged me $50 cash to do this 2 sentence letter and sign it.

Thats how stupid underwriting can be folks.

They needed a letter from CPA stating he did my taxes for last 2 years. Even though his signature is already on my returns they have sitting in their file.

Should hear an approval within 48 hrs now.

Re: Switch from FHA to Conventional on same house and offer

Anonymous — Tue, 23 Apr 2013 19:14:30 GMT

Yep, in the end you just have to jump through the hoops they put up...I dont think an UW will ever retract a condition becuase of a complaint. In the end, most of them are just nuisances and not really big deals, just annoying.

Re: Switch from FHA to Conventional on same house and offer

Anonymous — Tue, 23 Apr 2013 19:24:24 GMT

Its OK because at closing i have some conditions for the Bank before i give them any money.

1) They need sign a letter they can not risk my money on Walstreet again

2) They sign stating they wont steal my money to bail themselves out again

3) I need video of CEO dancing drunk to gangdum style