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Trends

Bringing FHA Deals to Closing

In 2008, capital fled the market. The lenders left standing became increasingly conservative. So borrowers began to turn in ever greater numbers to the reliable funding and attractive terms offered by FHA financing through its government guaranty. And all kinds of lenders started selling the FHA programs.

The rush to FHA had some predictable consequences. Lenders whose real experience base was in the now-vanished conduit world, or in the very different worlds of agency or bank lending, started trying to originate FHA loans. And predictably, a lot of these lenders oversold and failed to deliver.

Eastern Mortgage Capital has a single-minded focus in FHA-insured financing. Since we know what it takes to get FHA deals done, we take the time up front to pre-underwrite each deal thoroughly. We turn down deals that don't work - we give you a "fast no."

If the deal is closable, we'll have a common understanding with our borrower about potential deal issues, and a realistic time frame. Borrowers and their teams will stay in regular communication with senior underwriting professionals at Eastern Mortgage Capital, right through to closing.

So if borrowers or mortgage bankers think a transaction may work for FHA, it makes sense to give Eastern Mortgage Capital a chance to vet it for you - and deliver you either a "fast no" .... or a closed loan.