State and local government agencies involved in the provision of housing may obtain FHA insured financing provided the agency meets the following criteria:
The agency must provided evidence from its legal council that:
The agency has the legal authority and capacity to become the borrower.
That the state or local government is not in bankruptcy.
That there is no legal prohibition that would prevent the lender from obtaining a deficiency judgment (if permitted by law for other types of borrowers) on FHA's behalf in the event of foreclosure or deed in lieu of foreclosure.
Credit reports, financial statements and bank statements are not required for these agencies to qualify.
Feel free to contact us with any FHA or mortgage related questions.
View Part 1 of this series
How to Shop Mortgage Rates
View this in 1080 HD by clicking next to "CC" at bottom
North County
*1902 Wright St 2nd floor Carlsbad CA 92008
New Office!
5360 Jackson Drive #220 La Mesa CA 91942
Nevin Williams NMLS #69651
*Not a licensed office location
Fast - efficient - competitive
www.SanDiegoHomeAndLoan.Info
There's a lot a non-profit can do with the many different types of housing/properties available in many of the local markets. Hope they find your posts, and series!!
Carla - You could bookmark this series and forward it to any non profits you talk to. Maybe even call a few who could benefit from this. Not sure too many agents know about it
I second Carla's motion!
Renee - LOL Me too!