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FHA loan approval with conditions

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Member

FHA loan approval with conditions

Hello all!

 

First time home buyer here and I love all the valuable information within this community! I had unique situation when I applied for and FHA mortgage. I decided to purchase the home I was renting from my Father. He sold it under appraisal value and it seems like a very good investment since I will have equity right off the bat. My question is regarding a condition from the loan approval. My Husband and his Father share the same name. When our LO ran the fraud report, it showed that my husband was the owner of my Father in law's home. On the tittle it shows my Father in Laws name. They are asking for a Deed of Trust or Mortgage statement. Has anyone had to go through this? Is this an easy request if my in laws to not have the deed or a mortgage statement due to the home being paid off? Thanks in advance!!! 

Trying to get into the 700 club!
Message 1 of 9
8 REPLIES 8
New Contributor

Re: FHA loan approval with conditions

I have had this happen a few times.  Since the home is paid off getting the deed would be the way to show the ownership interest.  You can either go down to wherever the records are held in your county and get a copy or you might be able to find it online.  If you can tell me the county and state you live in I would be happy to see if I can find records online.  If I can I will send you the link so you can search for your fathers name and get the deed or if you send his name as well i will see if I can find the deed.

Mortgage Adviser- Lending in all 50 states!
Message 2 of 9
Member

Re: FHA loan approval with conditions

Thank you Mark! It's in Bexar county TX so I'm sure I can search at the clerk's office but I wasn't sure if they would accept a print out of it or if it needed to be certified. 

Trying to get into the 700 club!
Message 3 of 9
New Contributor

Re: FHA loan approval with conditions

Yes, that's where you would look.  I have always just used a print out.  Looks like if you go here: https://gov.propertyinfo.com/tx-bexar/  and create an account you should be able to find it online.

Mortgage Adviser- Lending in all 50 states!
Message 4 of 9
Super Contributor

Re: FHA loan approval with conditions

ask title co if they can find it for you.

otherwise. go see the court clerk and they will assist you.

 

typically they charge a couple of bucks per copy. might want to bring cash to be safe.

 

Retired Lender
Message 5 of 9
Member

Re: FHA loan approval with conditions

Thanks, 

I was able to print it out from the county website and sent in. Hopefully it will suffice.

Trying to get into the 700 club!
Message 6 of 9
Member

Re: FHA loan approval with conditions

Just received word that my file should be submitted back to underwriting and the MLO is trying to close us by Monday the 23rd.Smiley SurprisedFingers crossed!

Trying to get into the 700 club!
Message 7 of 9
Member

Re: FHA loan approval with conditions

Just an update! Finally closed on Monday the 23rd. I still can't believe it! I'm hoping my scores will increase once the mortgage reports.Smiley Happy

Trying to get into the 700 club!
Message 8 of 9
Moderator Emerita

Re: FHA loan approval with conditions

Congrats!

 

Message 9 of 9