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Post by Chris Jones on Aug 14, 2009 12:40:19 GMT -7
My understanding about 203(k) loans is that we can do them, but we have to fund them off the warehouse line, and that's not wise at the moment. I could be off base here; anyone know any better than I do?
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Post by stoneman on Aug 14, 2009 12:50:04 GMT -7
Our lenders do 203k loans, BUT we have to fund them ourselves... our warehouse will not fund them. So my understanding of city 1st policy is that we are not doing them because funding them is to much risk at the present time.
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Post by Andy Westenskow on Aug 31, 2009 8:22:19 GMT -7
So, do we have the ability to Broker these deals?
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Post by Chris Jones on Sept 1, 2009 8:03:04 GMT -7
No, we can't broker FHA loans. That's my understanding, anyway. I'll check for sure.
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Post by debbieanderson on Sept 2, 2009 17:53:59 GMT -7
We are looking at broker packages with two different brokers that may offer a loop hole arrangement to broker FHA deals that we cannot do through our regular channels. It won't happen fast, but it is on the priority list to get done.
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