Citimortgage FHA
I submitted an offer with my SS package and later found out the loan is a FHA loan. My offer is less than 82% discount for a FHA. Should I send in the new HUD-1 offer dicounted by 82% or should I wait to talk to the assigned loss mitigator later on today and tell her I would like to send a new HUD-1? :-D
By not doing your homework you may have shot yourself in the foot...
Since learning that the loan in question was insured by the FHA... has the homeowner made application for FHA PFS by submiting form HUD-90036?
In addition to the Seller's (owner occupant) completed PFS application, you'll probably be asked to resubmit the Contract for Sale with FHA required contingency language, the revised Purchase price, etc.
Bear in mind that the lender must net from Sale from 82% to 87% of the confirmed, as-is, fair market value.
The homeowner has not made application for FHA PFS by submiting form HUD-90036. Do you know where I can get this forms quickly or better yet could you send them to me?
It's a process... expect to take anywhere from 30 to 90 days from application to approval.
The mortgagor has to make formal application for PFS consideration... the forms will be sent to him/her... or, they can be FAXed.