| I am hearing that some mortgage companies | | | | you need to negotiate hard to get your financials |
| want to get FHA approved but are having some | | | | done for $1000 or less. |
| problems. Filling out the necessary paperwork to | | | | Another setback can be completing the FHA |
| get a FHA License is not so hard. However, two | | | | Quality Control Plan. There are companies out |
| requirements seem to be causing some difficulties | | | | there who can prepare one for you and that may |
| for mortgage companies seeking FHA approval. | | | | be the best solution. Shop around a bit to |
| First, you need to meet the specific net worth | | | | compare prices for these QA plans. Also, make |
| requirements. Second, you need to get a CPA | | | | sure you are comfortable that your company can |
| firm to complete the required HUD approved | | | | do everything that the plan says you will do so |
| audited financials. | | | | read the plan carefully and make notes before |
| CPAs that do this kind of work are starting to | | | | telling HUD that you will be following that particular |
| get pretty busy doing just this FHA work and are | | | | QA plan. |
| asking hefty prices to complete the audited | | | | Given the tightening of available mortgage |
| financials. I am hearing that CPA firms are | | | | products to persons with less than perfect credit |
| charging as much as $2500 to $5000 to complete | | | | or with more limited equity in their homes, FHA |
| these audited financials. Some out there are | | | | loan products are the best source of new loan |
| offering to do this work for a $1,000 but that is | | | | originations for you and your mortgage company. |
| likely the lowest price you will see out there and | | | | |