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FenderBenderYSP
Dyn-o-mite!


Joined: 01 Jun 2008
Posts: 275
Location: East of BFE

FHA Streamlines
PostPosted: Mon May 18, 2009 1:13 pm Reply with quoteBack to top

Are lenders discontinuing FHA Streamline Loans (without appraisals)?

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IRISHJOHNHARDY
Dud?


Joined: 16 Feb 2009
Posts: 14
Location: MD

Re: FHA Streamlines
PostPosted: Mon May 18, 2009 3:12 pm Reply with quoteBack to top

Not that I have heard. The VA loans are starting to require appraisals from most lenders though.
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rlbayne
Flash in the pan


Joined: 14 Oct 2008
Posts: 78

Re: FHA Streamlines
PostPosted: Mon May 18, 2009 3:32 pm Reply with quoteBack to top

Really? You've had to get an appraisal for an IRRL?
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IRISHJOHNHARDY
Dud?


Joined: 16 Feb 2009
Posts: 14
Location: MD

Re: FHA Streamlines
PostPosted: Mon May 18, 2009 7:17 pm Reply with quoteBack to top

With a couple of lenders. Yes. Haven't heard any requesting them for FHA. An AE told me that all the VA's that Wells buys, they now want appraisals.
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: FHA Streamlines
PostPosted: Mon May 18, 2009 9:11 pm Reply with quoteBack to top

It makes sense if you think about it.

The VA guarantee does not cover the whole loss in theory.
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maudejo
Schumpeter Reincarnate


Joined: 11 Dec 2007
Posts: 4790

Re: FHA Streamlines
PostPosted: Tue May 19, 2009 12:23 am Reply with quoteBack to top

I'm in streamline la la land and have yet to see any of these policies put in place as of yet for either va or fha.

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"For every thousand hacking at the leaves of evil , there is one striking at the root" - Henry David Thoreau

In the end, though, I believe that the freedom/liberty people and message and the natural physics of the events at work, will assist the centralized power structures of the last two centuries to crumble to ash under their own despotic mass.
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: FHA Streamlines
PostPosted: Tue May 19, 2009 3:31 am Reply with quoteBack to top

Many wholesalers are asking brokers for appraisals on VA IRRL's in Hawaii.

I wonder whats next?

maudejo wrote:
I'm in streamline la la land and have yet to see any of these policies put in place as of yet for either va or fha.
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maudejo
Schumpeter Reincarnate


Joined: 11 Dec 2007
Posts: 4790

Re: FHA Streamlines
PostPosted: Tue May 19, 2009 1:29 pm Reply with quoteBack to top

mahalo guy wrote:
Many wholesalers are asking brokers for appraisals on VA IRRL's in Hawaii.

I wonder whats next?

maudejo wrote:
I'm in streamline la la land and have yet to see any of these policies put in place as of yet for either va or fha.


I think the key is that investor requirements keep changing. FHA and VA guideliines are not. Who wants to buy MBS's anymore anyway?

_________________
"For every thousand hacking at the leaves of evil , there is one striking at the root" - Henry David Thoreau

In the end, though, I believe that the freedom/liberty people and message and the natural physics of the events at work, will assist the centralized power structures of the last two centuries to crumble to ash under their own despotic mass.
JW
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Re: FHA Streamlines
PostPosted: Sat Feb 06, 2010 11:06 am Reply with quoteBack to top

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rjbaxter
Dud?


Joined: 26 Feb 2010
Posts: 1
Location: Denver, CO

Re: FHA Streamlines
PostPosted: Fri Feb 26, 2010 6:36 pm Reply with quoteBack to top

With rates so good, just refinance at a higher rate and pay all of the borrower's closing costs if the value isn't there.

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First Mortgage Corp
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