I know there are many questions regarding your FHA loans after the shutdown. Here are some answers to assist you.
Q: Can I get an FHA case number?
A: Yes. Lenders will be able to obtain an FHA case number from the FHA Connection.
Q: Will FHA endorse single family loans during a shutdown?
A: FHA will be able to endorse single family loans, with the exception of Home Equity Conversion Mortgages (HECM) and Title I loans, during the shutdown. A limited number of FHA staff will be available to endorse new loans. Due to limited staff, the time to endorse the cases may be extended.
Q: Will FHA still be able to endorse my loan if I am not able to obtain tax returns verified by the IRS during the shutdown?
A: FHA is aware that some lenders obtain tax transcripts directly from the IRS for use in underwriting their FHA-insured loans. These lenders may be unable to actually obtain any returns directly from the IRS for the duration of the Government shutdown. Lenders may continue originating loans using FHA’s existing underwriting requirements, which have not changed as a result of the shutdown. Lenders are required to obtain tax returns from certain borrowers in order to originate FHA-insured loans and lenders must also continue to obtain the borrower’s signed authorization (i.e., Forms IRS 4506, IRS 8821, or whatever form or electronic retrieval service is appropriate) for any loan for which the borrower's tax returns are required.
Q: Why didn’t the borrower’s name and Social Security Number pass validation with the Social Security Administration?
A: When the lender requests the FHA case number, the borrower’s name, date of birth and Social Security Number (SSN) and property address are entered into FHA Connection (FHAC). If the overnight matching process with Social Security Administrations (SSA) fails, a Case Warning for SSN Validation will be placed on the case number. The failure could occur because the data doesn’t match or because the system went offline due to the government shutdown. SSA has limited tolerance for minor mistakes in names, birth dates and social security numbers, so lenders are reminded of the importance for accuracy in these three data elements when requesting a case number.
Q: Can the Social Security Number validation be run again?
A: Lenders do have the opportunity to make the necessary corrections and a second attempt to validate with SSA will occur. Any changes made to the borrower's name, birth date and SSN at any time prior to insurance endorsement will trigger a validation request with SSA. If the revised data passes validation, the Case Warning for SSN Validation will be removed. If the failure was caused by the government shutdown, the Case Warning for SSN Validation will not be able to be removed until the government reopens. FHA will ensure that the validation process takes place and lenders will be advised of the results in FHAC as soon as possible upon the reopening of the government.
Q: Can I continue to process the loan without the Social Security Number validation?
A: Lenders may continue processing loans without receiving validation of the borrower’s name and SSN, but FHA will not endorse loans without this validation. For the Lender Insurance program, lenders will not be able to insure the loans for which this validation has not been received.
Q: What happens if I cannot validate the borrower’s SSN?
A: The lender may submit a request for insurance endorsement if confident that the Case Warning was received in error as a result of a system shutdown. The lender must provide conclusive documentation to verify the SSN such as a valid SSN card issued by the SSA, or an original document issued by a federal or state government agency, which contains the name of the individual and the SSN of the individual, along with other identifying information of the individual in the case binder to support the validity of the borrower’s name and SSN to the applicable Homeownership Center (HOC). Lenders may not endorse any loans with Case Warnings for SSN Validation and FHA will require the lender to submit the case binder for endorsement along with conclusive documentation to verify the SSN such as a valid SSN card issued by the SSA, or an original document issued by a federal or state government agency, which contains the name of the individual and the SSN of the individual, along with other identifying information of the individual in the case binder to support the validity of the borrower’s name and SSN to the applicable Homeownership Center (HOC). If upon review, FHA believes the documentation provided complies with HUD’s regulations and the loan meets all other FHA requirements, the HOC will endorse the mortgage for insurance. FHA Homeownership List Serv Archive Page FHA Recently began posting prior messages from this Homeownership List Serv on a Departmental web site. Currently the archives include messages from calendar year 2013 and a portion of calendar year 2012.
To view messages sent by email@example.com and previously by firstname.lastname@example.org, please visit the following site: http://bit.ly/FHAInfo
How many of you get addicted to watching HGTV Real Estate Shows such as Fixer Upper, Flip or Flop, Love It or List It, and Property Brothers? I know I have. Some of the shows have some real situations you can learn from while others definitely do not. Here are a few myths from the HGTV shows.
1. Shows like House Hunters portray that buyers only look at 3 homes before choosing one.
Now that may be true on an occasion, but for the most part buyers look at many houses and Agents have to go through mulyiple showings to find the perfect home for them. It is definitely not that easy!
2. Shows portray that buyers get to get the properties for less than the asking price most of the time to fit their needs.
Now while that may happen in some occasions, the market and length of time a home has been listed dictates that more than fitting their buget needs. Most Real Estate Agents are very good at what they do, but don't expect them to perform miracles because you saw it on television.
3. Shows portray that people listing their homes always get offers at Open Houses.
Again while that happens occasionally, don't expect that to be the norm. Open Houses give exposure to people to actually see what the home looks like and if you renovated a property, what changes you have done to it. Sometimes people will make offers after seeing the property but don't let the shows give you the wrong impression.
4. Shows portray that the buyers always get their offers accepted.
Again while Real Estate Agents do a great job negotiating for you, the truth is many times people have to bid on multiple homes to get their ideal property. Other Agents are also negotiating for their clients and only one person can win the bid. Sometimes depending on the market, bids come in for above the asking price.
5. Shows portray that buyers are always able to go over their budget if they can't get the home for their price.
Sometimes clients are pre-approved for a certain amount and cannot go over that amount. They may have to find a different property that is more inline with their budget and what the lender can get them approved for. The shows make it seem like it is no problem to do whatever it takes to get a certain home.
These are just a few of the myths that these shows portray. I am sure there are many others. The best advice I could give is to contact me Your Favorite Mortgage Guy and I will get you pre-approved and connect you with an awsome Real Estate Agent!
Lansing offers a diverse array of activities, events and locations for your enjoyment. Take a leisurely walk down the Ridge Road area and shop at the many unique stores they have or visit the many productive businesses on Torrence Avenue with easy access to the I-80/94 expressway. When it’s time to eat, enjoy a delicious meal at one of their fine restaurants or dining establishments throughout the Village.
A variety of historic and other entertainment venues within and around the Village provide a way for residents and visitors alike to take a break from the hustle and bustle of life. One of the most notable is the Lansing Municipal Airport which continues to proudly host the Historic Ford Hangar and is also the home of the striking military-aviation themed Lansing Veterans Memorial, the site of several events each year that pay tribute to the men and women who have proudly served our country.
17106 Grant Street, Lansing IL 60438
228 W Lincoln Hwy Suite 144
Schererville, IN 46375
In a recent issue of Real Simple Magazine, they published a list of ordinary items that you probably have in your home right now—and shared how they can serve double-duty. Here is a list of the items and alternative ways to use them.
Ice-cube tray – Organize desk supplies like paperclips and rubber bands. Use them to store buttons and beads. Use them as an organizer for jewelry.
Uncooked spaghetti – When you don’t have a match long enough to light a candle sitting in a deep candle holder, use a piece of uncooked spaghetti. They easily catch on fire and stay lit for a long time.
Colander – Keep flies away from food by inverting the colander over the plate during your outside cookout.
Baby oil – Easily remove latex paint from your skin by squirting baby oil on a cotton ball or rag and wipe away.
Dental floss – Use unwaxed, unflavored dental floss to easily cut a cheese cake or layer cake. You won’t have the crumbs and mess of using a knife.
Antacid tablets – Drop a tablet in a little water to remove stains from the bottom of vases. Just let sit for several minutes and wipe clean.
Cotton swabs – Touch up paint chips on walls, cabinets or furniture by using a cotton swab instead of breaking out the paint brush.
Pillow case – Make lettuce last longer by placing it in a pillow case. Then put the lettuce and pillow case in a plastic bag in the fridge. The cotton will absorb the moisture and it will last longer than in just plastic.
Laundry basket – Line a laundry basket with a trash bag and fill with ice if you need an extra cooler for your party.
So, how do you use some of your ordinary household items in a unique and different way?
Easy Ways to Keep Your Home “Ready to Show”
when Listing Your Home for Sale
So, you’ve listed your home for sale — or maybe you’re thinking about it.
I’m sure one of the questions that you may be asking yourself is…
Here are a couple of tips from the pros…
- Ask all family members to participate.
- Create a checklist of what needs to be put away in their rooms every morning.
- Lightly clean your home every day.
- Vacuum or sweep
- Clear all counter tops in kitchen and bathrooms
- Wash dishes daily
- Empty trash cans
- Put baking soda in your garbage disposal
- Hide laundry in washing machine or dryer
- Purchase boxes and store seasonal clothing to make the closets look roomier.
- Purchase plastic bins and store additional stuff under the beds.
- Lock away your personal and financial papers (or move them to another location).
- Sweep outside patios and entryways.
- Water plants/shrubs.
- Cut the lawn more frequently.
When a potential buyer wants to view a home, they usually want to do so right away — and not 2 days from now!
Having it “show-ready and show-quickly,” with a list of things to do every day during the listing period, will help relieve the franticness of having to clean at the last minute.
What other things would you like to share about how to keep your home show-ready?
Jeffery L. CarterNMLS 230738 Office: 785-650-4727 Mobile: 785-650-4727
Your Favorite Mortgage Guy205 E 7th
Hays, KS 67601
Contact Me Today
Let's find you the right home at the right price.