Friday, December 20, 2013

FHA Loans / Loxahatchee Cancer Cluster

Question: "Will I still be able to get an FHA loan in the area of Loxahatchee Florida that have been labeled as a potential Cancer Cluster?"

Answer: "You should be able to., there could be some difficulty and additional documentation required." Banks are closing FHA loans in the area of Loxahatchee that are in the "Cluster".

A recent purchase transaction in that area gave the buyers a last minute scare. The buyers used an FHA purchase loan. The day before closing, the Quality Control department of the Bank, (the people at the bank that review the loan packages that are about to close., one more last time, the same people that can kill a deal in the last hours or minutes) noticed that the appraisers had made remarks, regarding the "Cancer Cluster Scare" Since the underwriter is located out of state and this was all news to them, it took some arm twisting and additional documentation such as a hand written hold harmless letter from the buyer to satisfy the QC department.

But the loan did close and the buyers are happy that they will be able to celebrate this years Christmas in their new home.

 
561-379-7881
 
In the market to buy or sell in Palm Beach County? Call Friday Realty.