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FHA question

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ravik Joined: 07 Sep 2007 Posts: 22 10.42 Dollars($)	Posted: Mon Dec 24, 2007 8:33 am    Post subject: FHA question I am processing a FHA loan. Just received the approval from the lender. One of the conditions states that they need a clear GSA and LDP. What does GSA and LDP mean and how to obtain those??? Please let me know
larry Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)	Posted: Mon Dec 24, 2007 2:14 pm    Post subject: Hi ravik, GSA means General Services Administration and LDP means The Limited Denial of Participation. This is an action taken be HUD. To get the mortgage you have to clear GSA and LDP. Best of luck, Happy holidays
Niicss Joined: 03 Oct 2005 Posts: 1245 Location: New Jersey 186.06 Dollars($)	Posted: Tue Dec 25, 2007 3:08 am    Post subject: LDP or Limited Denial of Participation is issued by HUD in order to deny a mortgage broker or a lender or even a title company from participating in any HUD program. This means that a broker may not list property with an FHA loan, neither he may sell that property. A broker or a lender with LDP cannot even involve in a transaction where the buyer wants to go for an FHA loan. An LDP remains effective for 1 year and it is limited to the area of the office which has sent the notice to the broker or lender. This is issued mostly when a broker or the lender fails to meet the standard of HUD. However, HUD gives opportunity to brokers or lenders with LDP notice to make an appeal within 30 days of receiving the notice by organizing a conference at the HUD office which issued the LDP. In your case Ravik, when was the LDP issued? I think you should contact the HUD office immediately. _________________ Good is the Enemy of Great.
jenkin7 Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)	Posted: Tue Dec 25, 2007 4:35 am    Post subject: Hello Ravik, I guess the property that you are prepared to purchase has to meet the GSA standards otherwise you may not get the mortgage. That's why it states that you need to clear GSA. You should contact GSA and consult them for what steps you should take.
adonis Joined: 22 Oct 2005 Posts: 1446 Location: ALASKA 137.08 Dollars($)	Posted: Tue Dec 25, 2007 11:28 am    Post subject: Ravik, The GSA (General Services Administration) and the LDP are listings, which make it clear that all parties involved in the FHA loan transaction are free from being frauds. _________________ Procrastination is the enemy of your financial sucess

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