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5 Tips for Baton Rouge FHA Loans to Help Them Get Approved and Close on Time
If you area a lender who is working with FHA loans and you aren't closing as many as you would like, there are a variety of things you can do to make sure you get more of these loans approved and help them to close on time.
Often when a loan falls through it is more a matter of some detail that was missing than something that was really wrong. Unfortunately you may not understand this until you get the loan back after its rejection. In order to insure that this happens less often, here are six tips to help:
1. Make sure the loan will make sense to the lender -- this is a very common mistake that people miss. They spend a lot of time fitting the loan into the parameters of the Subprime matrix, but they dont think about whether the individual can really pay back the loan. In this step it is important for you as the originator to think about a way to verbalize to the lender that this borrower can securely pay back this loan. In the event that the individual has had credit problems it is safe to believe that you will need to accurately show what happened in the past and how they have fixed the challenge. This makes good sense to have this information in the cover letter and later on in the document.
2. Check the CAIVRS number before processing the loan -- as most lenders know this is the system that HUD uses to make sure that an individual was not disqualified or is not default on previous government loans. This will also show whether an individual has defaulted on school loans. This is a very important step because it can waste time for your borrower if you dont know this information ahead of time.
3. Make sure you have all the correct documents together -- although this seem like simple information many loan officers have had loans returned because they didn't check pay stubs, rental payments, or how certain payments like child support were being made. All of these things are very important to have before you send the loan forward.
4. Make sure you calculate the income correctly -- some loan officers hurry to this stage and have problems later because the borrower's debt to income ratio was too high or because the information they received from the borrower wasn't accurate. Make sure you get documentation of their income rather than relying on what you are told.
5. Make sure all assets are correct and listed properly -- you should double check this even if you already have automated approval because they think that it is already a done deal. In most cases it is not. One idea is to document all of the assets and then only put a few through on the first approval.
These tips may not guarantee that you will have your loan approved every single time but you might find that paying attention to these details will bring more closings faster.
William D. Cobb, CREA, is a Certified FHA Appraiser with 16 years experience and performs his home appraisals in the Greater Baton Rouge Louisiana market. One can also visit William's website at http://www.fhaappraiserbatonrouge.info/.
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