Friday, April 20, 2018

Yikes ~ FHA Funded Almost 2 Billion In Loans They Shouldn't Have

I'm catching up on reading so you may have heard about this already. And, quite honestly the amount they shouldn't have funded is negligible compared to what was correctly funded.

BUT, I bring this to your attention so you are aware of this caveat. Surely the FHA will be watching much more closely.

If you have a delinquent federal non-tax debt, like  Department of Education, the Department of Justice, the Small Business Administration, or the Army and Air Force Exchange Service.....or you are subject to Federal administrative offset for delinquent Child Support.....FHA is not supposed to provide any federally insured loans to you.



But, they did. Well, now, how about that? Well, they did fund over 200 Billion in 2016, so yes, it is a teeny-weenie amount. But, still, they did it.

At any rate, since it's been discovered, the FHA is going to fix some things, or try to fix some things. And, this means, you best beware.

Seems like the lender should know this, or the underwriter at the very least. Right?

The article didn't state the loans would be called back. If I had one of those delinquent debts and I got an FHA loan last year? I'd investigate it though!






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