Are the government agencies like FHA just incompetent or do they not understand the plight of home owners that are under water? or they just don't care?
I think, after talking to many brokers, my non-fannie condo mortgage can be refinanced only with FHA loan .. and my HOA association has applied for FHA condo approval and it has been more than 2 months now and we have not received approval from them.. first response was after one month asking for more documents .. and then comes the holidays ... so nothing for another month now .. and still waiting ...
But the interest rates have been lowest so far and seems like a good time to lock in the rates .. but FHA seems to be in no mood to help .. hire more people (create employment opportunities) and keep moving the files ..
It really matters if FHA can QUICKLY approve the condos RIGHT WHEN THE RATES ARE LOW ..