macdahill
6 Posts |
 Posted - 07/01/2008 : 07:22:12 AM
|
Unless you are able to manually underwrite your own FHA loans you are probably working with a lender who can do so for you. If not you may want to look in to it. If you are an FHA approved broker it can help you close more "challenged" deals and if you are not FHA approved it will allow you to offer FHA to your borrowers and create more opportunities for many buyers.
When you are looking for someone to work with make sure to find out how long it take for the loans to close. You want a lender who can close in 2-3 weeks. How much you can make on each loan (2-4 points preferably). How high the DTI ratios can go(55% with compensating factors is a big plus)and able to work with mortgage lates and low credit scores will help you close more deals.
You also want to work with a good account executive that will comunicate with you regularly and help your deals get done on time.
If you have any questions about how manual FHA underwriting can benefit your borrowers and your business please give me a call.
Areas Covered: MD, VA, DC, DE
Mac Dahill
1st Chesapeake Home Mortgage, LLC
Office: 800-722-9909 Ext. 142
Cell: 410-490-7135
Fax: 800-883-6899
email: mdahill@1stchesapeake.com
|
|
Search for: 
