Delays in FHA Condo approval

[Slumdog]

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 ..

[Evan Bedard]

It seems almost everything these banks have in process virtually stop around the holidays for about a two week period.. Everyone seems to be on vacation and loans are taking forever to get approved whether it be for a loan mod or a refinance.. Hopefully they can get your interest rate locked in right away slumdog.

Good luck!

[Slumdog]

Finally got the FHA approval for the condo .. now I can proceed with FHA loan ..

But with this SOTU address and this being election year, I am wondering if it worthwhile to wait and see if government offers any deal for non-Fannie (or non agency) home mortgage owners .. Do you guys think that there can potentially be some good news coming from the white house sometime soon or do you recommend to just get the refi done while FHA rates are at 3.75% ..

Thanks,

[Slumdog]

The rates are at historic low levels .. with FHA rate at 3.75% .. and my property is not eligible for non conventional loan and my current loan in not Fannie/Freddie loan .. But I hear some talk on State of the Union address that (non Fannie/freddie) home owners might be helped with the new Refinance proposal that might come out by mid March ..

My dilemma is, should I refinance now with current low rates or should I wait till I hear the specifics of the new proposal?

THanks

[Cat Damiano]

Slumdog,


Try contacting Erik, he may know if this is going to happen or not.
He can be reached here;

Erik Sandstrom
Direct: (619)379-8999
erik.sandstrom@wjbradley.com

[Evan Bedard]

Did you ever hear back from Eric Slumdog? Personally I agree with you with rates at historical lows, if you can secure a rate at 3.75% I think it would be a great time to secure the refinance..