Is DU/LP refer the same as declined?

Absolutely not! AFR is an FHA, common-sense, manual underwrite lender. A loan typically receives a refer status because it is slightly higher risk than an automated approval loan. We pride ourselves on getting good loans to the table.

Can I get a pre-approval before I submit the file?

Yes, just fax or e-mail the 1003 & credit report to your wholesale loan consultant. You will receive an answer back promptly.

Do I need to run the file through LP or DU prior to submitting the file to underwriting?

FHA now requires that all loans be run through an automated system. Please include findings with your submission.

Do you have leveled pricing or large adjustments for Refer files?

We do not believe in levels or tiered pricing.

What are the fees due to AFR?

Flood Cert $10.00

Do you lend on manufactured homes?

While others are abandoning the manufactured home market, AFR is committed to this segment of the market. However, the property must have a certification label and a permanent foundation.

Must meet all FHA requirements per Mortgagee Letter 09-16.

Does AFR do FHA Streamlined 203K loans?

Yes. Click here for guidelines.

What is the standard lock period?

30 day locks are standard.

Can I submit a file without being approved with AFR?

At the current time, you need to be approved in order to submit a loan.

How long does it take to get approved with AFR?

Approximately 5 business days once all the documents have been received.

What are some advantages for my borrower with FHA?

Not FICO driven, common sense loans, high LTVs available, extremely competitive rates, damaged credit is ok.

Does it take longer to process an FHA loan?

Absolutely not! FHA loans are processed as quickly as conforming loans. In order to expedite the process, please make sure to have all FHA disclosures completed ASAP. The more complete your submission, the quicker to close.

How do I check the FHA limits?

Loan limits are available at https://entp.hud.gov/idapp/html/hicostlook.cfm.

Additional FHA FAQs: http://www.fhaoutreach.gov/FHAFAQ/