Pete Lansing talks about FHA and VA with HUD repos

Pete Lansing talks about FHA and HUDs and what to know when dealing with these types of transactions.

BrokerIPTV: We are talking with Pete Lansing today, President of Universal Lending. Pete thanks for being with is, I appreciate it.

Pete Lansing: I am glad to be here.

BrokerIPTV: Talking about FHA in HUDs and a lot of people have interest in this now for obvious reasons, but buying a HUD with FHA financing can be tricky, what do people need to know?

Pete Lansing: Well the most important thing is that people get their client and the consumer needs to be pre-qualified. So there is no question in HUD's mind with regards to "can you purchase this home?" The contract is very easy to do, the down payment is very easy to do and of course you want to make sure that you got proper housing inspections and appraisal has been done by HUD, so it almost makes it easier then any other type of loan program out there.

BrokerIPTV: Yeah. Just mention a couple of FHA programs that go hand-in-hand with buying a HUD?

Pete Lansing: Really the one that we are seeing a lot of is the good neighbor next door program, which is be fire, police, teacher or so on.

BrokerIPTV: If you are one of those people?

Pete Lansing: Correct, and I think the one that is most popular even connected to that is the FHA 203(k) program. So we are seeing 203(k) flourish, we are seeing the neighbor next door and another program that's of course a reverse mortgage program or another FHA program is the research mortgage program and we have a lot of success with that with people that are 62 years and older.

BrokerIPTV: Is FHA the closes things we are going to see to 100% financing or will 100% financing come back again?

Pete Lansing: I don't see that happening in the near future and the reason I say that is the liquidity of them markets have to do with what was put into those mortgage back securities. The investors are very stilted with what is happening with regards the foreclosure, they are not from receiving, they are principal back like they were excepting to the mortgage backed securities, the people that were doing 100% loans, put those into other loans or other packages that may not have been in there. Not only we have seen the end of that yet, but the FHA program is probably the closest we will see except your traditional VA loan program to a 100% financing.

BrokerIPTV: I am glad you brought the VA up, because FHA has gained popularity, we hadn't seen a lot of VA loans, but not that is going to gain popularly, not that it has anything to do with FHA, but...?

Pete Lansing: It really doesn't have anything to do with FHA, but one of the things that we are seeing of course is more veterans, the have done their duty, they want to be able to use their VA benefits and probably one of the best thing they can do is, use their VA benefits for being able to purchase a home.

BrokerIPTV: Now, Universal does VA?

Pete Lansing: We certainly do.

BrokerIPTV : Thank you very much.

Pete Lansing: You bet.

BrokerIPTV : I appreciate it.