topic Re: Are all FHA approvals for a specific property? in Mortgage Loans

Are all FHA approvals for a specific property?

Anonymous — Thu, 03 Nov 2011 15:31:09 GMT

We were intersted in two different properties. Our lender said one property would be an FHA nightmare and gave me a pre approval letter that states the approval is for 123 Anywhere street.

I want to make an offer on the other house just to see if the sellers are willing to play the negotiating game but I don't have a pre approval that is just a pre approval letter. My current mortgage company is willing to do a 5% conventional for me on the property but I seriously haven't heard back from them in days! I don't want to wait any longer to see if the seller is willing to negotiate. Yes, I know I am impatient. I am comfortable knowing my numbers that I will "fit" into the guidelines with the offer I want to present.

Do you think that an offer without an approval letter has no strength?

Re: Are all FHA approvals for a specific property?

mamahearts — Thu, 03 Nov 2011 17:20:15 GMT

We have an FHA loan. We got a general preapproval letter stating that we were approved for a loan up to $_____. We gave that to our realtor with our offer and earnest money.

Why did the LO think the other property would be a nightmare?

@Anonymous wrote:
We were intersted in two different properties. Our lender said one property would be an FHA nightmare and gave me a pre approval letter that states the approval is for 123 Anywhere street.

I want to make an offer on the other house just to see if the sellers are willing to play the negotiating game but I don't have a pre approval that is just a pre approval letter. My current mortgage company is willing to do a 5% conventional for me on the property but I seriously haven't heard back from them in days! I don't want to wait any longer to see if the seller is willing to negotiate. Yes, I know I am impatient. I am comfortable knowing my numbers that I will "fit" into the guidelines with the offer I want to present.

Do you think that an offer without an approval letter has no strength?

Re: Are all FHA approvals for a specific property?

Anonymous — Thu, 03 Nov 2011 18:33:37 GMT

The property we want is 38 acres and has several outbuildings. The lender I am pre approved with said the FHA UW indicated that wouldn't go FHA. But I have heard from several other lenders they would have no problem going FHA. WIsh I didn't have to switch lenders but I guess that is what I have to do.

He said he couldn't give me a pre approval letter because he didn't know what taxes would be and that would change the amount of my pre approval.