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Our mortgage loan closed in 2007 as an FHA can they cancel this when transferred and make it conventional

by Bryanandkristycou... from , California. Jul 28th 2021 Reply


Also just so you know we never refinanced the company that is servicing the loan and has been since 2011 stated that the fha number was cancelled due to a late payment on our part and that this was no longer an fha loan but conventional

Jul 28th 2021
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

I'm pretty sure there is some confusion, yours or theirs. If you are approved for an FHA loan, execute or sign FHA loan documents, and close escrow with those documents, then until you pay that loan off, it is an FHA loan. You do not lose FHA status just because you missed a payment. That said, there are several plausible reasons why they are telling you that your loan is a conventional loan (if in fact this is the case) and not an FHA loan. I'd be happy to help you figure this out. Reach out to me for assistance.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000.

Jul 28th 2021
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

Something isn't right here. A lender can't cancel an FHA loan and magically turn it into a conventional loan for any reason. The loan is what it was closed as, and will never ever change. If in fact it really is a conventional loan today, that is how the loan closed. The only thing I can think of that makes any sense whatsoever is that you may have applied for, and thought you were getting an FHA loan, but that isn't what you actually received. Finally, you were given a copy of everything you signed at closing. It will tell you exactly what type of loan you closed. I lend in MN WI IA SD ND Only. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132

Jul 28th 2021
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