Reductions in FHA availability

[Jason B.]

Just read an article today in the fiscal times discussing Quicken Loans consideration of pulling out of FHA lending completely. Apparently they have already scaled back, as have JPMC, BoA, and Wells Fargo. Sounds like this is all due to FHA requiring strict compliance with all regulations (absolutely no overstatement of income or over lending - Quicken cited am example where the borrower overstated by $17, resulting in a loan max $29 over the true limit). Does anyone know if this is really having an impact as of yet?

[Wayne Brooks]

Quicken sucks, and few care if they completely go away. The big banks are also the worst, slowest and hardest to get FHA loans.