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littlehouser101
15 Posts |
 Posted - 05/21/2008 : 2:31:05 PM
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| Does anyone know about the FHA Modernization Act of 2007 and if it is supposed to simplify becoming an approved FHA broker? My company is only 9 months old and we don't have $63,000 sitting in our account, so I was hoping the bill would address this and just make me increase my Surety Bond. Any help or info would be appreciated. |
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assassin17
3464 Posts |
Posted - 05/21/2008 : 2:39:40 PM
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After being rushed into discussion, that bill has been completely stalled now. They don't plan to act upon it until January after the election, because it was nothing more than a ploy by Barney Frank to get votes.
You'll be waiting awhile. |
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khoiey
1318 Posts |
Posted - 05/21/2008 : 3:11:26 PM
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I think you only need $12,000 something liquid. The rest you can pledge your own assets like cars, homes etc. Correct me if I'm wrong.
quote:
Originally posted by littlehouser101
Does anyone know about the FHA Modernization Act of 2007 and if it is supposed to simplify becoming an approved FHA broker? My company is only 9 months old and we don't have $63,000 sitting in our account, so I was hoping the bill would address this and just make me increase my Surety Bond. Any help or info would be appreciated.
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littlehouser101
15 Posts |
Posted - 05/21/2008 : 3:23:27 PM
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Can the $12K be personal as well, stocks, CD's, etc...? I'm cool if that's the case but someone told me today the assets had to be business assets and not personal and I was hoping he was wrong.quote:
Originally posted by khoiey
I think you only need $12,000 something liquid. The rest you can pledge your own assets like cars, homes etc. Correct me if I'm wrong.
quote:
Originally posted by littlehouser101
Does anyone know about the FHA Modernization Act of 2007 and if it is supposed to simplify becoming an approved FHA broker? My company is only 9 months old and we don't have $63,000 sitting in our account, so I was hoping the bill would address this and just make me increase my Surety Bond. Any help or info would be appreciated.
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Clr2close
307 Posts |
Posted - 05/21/2008 : 3:31:01 PM
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| Has to be from business account personal not accepted Houser |
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littlehouser101
15 Posts |
Posted - 05/21/2008 : 3:39:35 PM
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Thanks, I guess I'll transfer the funds into the business account and let it sit for a while.quote:
Originally posted by Clr2close
Has to be from business account personal not accepted Houser
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Ging
129 Posts |
Posted - 05/21/2008 : 4:01:03 PM
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| $63,000 of which 20% liquid audited also any asset the company owns such as 10 acres of land would need appraisal and paper trail showing you transfered asset into company that you owned the asset.if the cash is your own and you are a corporation it doesn't need to be seasoned just proof it was your's.hope you got patience, good luck |
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littlehouser101
15 Posts |
Posted - 05/21/2008 : 4:04:47 PM
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I do, it seems like it may be the only way I, or any other broker shop, will be able to survive; getting set up FHA that is.quote:
Originally posted by Ging
$63,000 of which 20% liquid audited also any asset the company owns such as 10 acres of land would need appraisal and paper trail showing you transfered asset into company that you owned the asset.if the cash is your own and you are a corporation it doesn't need to be seasoned just proof it was your's.hope you got patience, good luck
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khoiey
1318 Posts |
Posted - 05/21/2008 : 4:15:43 PM
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Hope that help. Good luck.
quote:
Originally posted by littlehouser101
I do, it seems like it may be the only way I, or any other broker shop, will be able to survive; getting set up FHA that is.quote:
Originally posted by Ging
$63,000 of which 20% liquid audited also any asset the company owns such as 10 acres of land would need appraisal and paper trail showing you transfered asset into company that you owned the asset.if the cash is your own and you are a corporation it doesn't need to be seasoned just proof it was your's.hope you got patience, good luck
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