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New FHA pmi question

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MovingForward_2012
Valued Contributor

Re: New FHA pmi question

:-|
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Message 11 of 16
wpbguy
Valued Member

Re: New FHA pmi question

You guys are funny! Robot LOL

 

That being said, if I get a case number, how long is it good for? What I mean is, what will cause that case number to no longer be valid or need to be replaced?


Starting Score: EQ 612 (CU Lender Pull) 03-2012
Current Score: EQ 679 TU 697 (Lender Pull) EX 668 (Lender Pull)
Goal: Reach the 700+ Club!!!


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Message 12 of 16
MovingForward_2012
Valued Contributor

Re: New FHA pmi question

LOL...yeah, Dallas is picking with me. :-)

It is good for 6 months I believe. If you go on contract for a different house later on, they will issue a new FHA case number and you will no longer be grandfathered so you will need to stick with the contract after the new rules go into effect for them not to apply to you.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 13 of 16
Anonymous
Not applicable

Re: New FHA pmi question

Hey guys

Message 14 of 16
MovingForward_2012
Valued Contributor

Re: New FHA pmi question

Yes you should have already avoided it as you are on Contract before the deadline. You made it! Talk with your LO about your FHA Case number...ask when it will be generated. You should have a case number by June 3rd and probably much sooner than that.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 15 of 16
Anonymous
Not applicable

Re: New FHA pmi question

MovingForward, you are the man!  What a quick response!

 

I actually didn't sign a contract with the bank, it was the contract with the builder.  Perhaps, I'm confusing you and myself...lol.  It was where we signed documents regarding the Builder's responsibilities, warranties, etc...

 

With the LO and bank, we have just done the pre-qualification.  We are meeting with him tomorrow to give him salary/bank information, but I was anxious after reading about the new rules.

Message 16 of 16
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