Subject: On FHA New construction - tip of the day
Good Morning!
Today is Thursday, January 19, 2012
All wholesale staff is available.
Turn times are currently same day!
If the loan is received by 11AM, an UW decision will
Be issued before end of business the same day.
Tip of the day – On FHA New construction,
Per the HUD
Handbook, for those local jurisdictions that do not issue a Building Permit
prior to construction (or its equivalent) and a COO or its equivalent, a
property one year old or less must have an Early Start Letter OR be covered by
a warranty plan acceptable to the Secretary (10 year warranty) to be eligible
for a high-ratio insured mortgage.
Thank
You!
Neil
Johnson
Gateway
Mortgage Group
National
TPO Operations Manager
4201
N. State Hwy 161
Irving,
TX 75038
Office:
972-908-3390 ext. 118
fax#
918-858-8392