Q: i applied for a fha loan on a house and the house had already been purchased by someone else who used a fha loan and they backed out at closing this all occurred in the last six months my loan officer is having a problem he say she can t get the loan to go through because it is defaulting back to the first buyers who never actually bought the property, he says threw current fha standards it is approved but when he put s the property in it get s declined …even if he drastically changes income…ect…he has 5 calls into fha and gets s no response…we are supposed to close on the 29 th and he say s the only option is go with 5 % down loan and it goes threw …any idea s?
A: I have never heard of this. FHA appraisal’s no longer stay with the property for 6 months like it did in the past. The last people should have nothing to do with them. Is it the same company who did both loans? Maybe they did not issue a withdrawal or denial of the loan.