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FHA, Fannie Mae and Freddie Mac loans

What is the disclosure information causes a loan to be denied?

The Federal Housing Administration (“FHA” & Fannie Mae FNMA or Freddie Mac) is a government-based mortgage program. An FHA backed loan allows a home buyer to purchase the home with a smaller down payment than other types of loans and, oftentimes, at a lower interest rate.  FHA backed loans permit buyers to put down as little as 3.5% as opposed to the typically required 20%.  Lower down payments tend to attract many first-time home buyers.  

Unfortunately, sometimes the answers on the questionnaire don't satisfy the underwriters of the mortgage.  These answers are the truth, which cannot be changed.

The HOA does not have an obligation to fulfil the requirements for underwriters to approve these loans – those requirements tend to be much stricter than conventional loans and they request more detailed disclosure from the HOA.  FHA financing is a privilege, not a right.