Expert: Dick Dennis - 8/31/2009

Question
QUESTION: Good morning,

I was ok'd for a loan from a bank with a very good rate. The fha,
however, has turned me down due to "Identity conflict". I am buying the home from my mother. She inherited it from my grandfather. The house is vacant since his death. My mother does not live there.
The bank has told me the fha turned me down. I have not yet been able to get an answer as to what this means and why it is a problem directly from the fha. Any help would be appreciated.

Thank you,
Ryan

ANSWER: The only thing I can think of, Ryan, is that somehow your personal credit identity has a big question mark. But why they haven't asked you to clear up the question, befuddles me. 40 years in this business and this is a new one to me. However, two things: 1. ask the banker that approved you for their loan to find out for you (if you haven't done that already). 2. Grab the bank or FHA case number on the application and get online and do some research and maybe you can zero in on the answer. In the meantime, I have left a message for a very knowledgeable FHA mortgage banker to give me an explanation. If you will send me your email address, I will send you his answer when I get it. I do wish you well.

Dick Dennis
California broker license 00349415
dixiedee13@aol.com

---------- FOLLOW-UP ----------

QUESTION: Thank you so much. I have a credit rating of 780, so i don't know. I am getting very little help from the bank. They are very vague, but I will try your second suggestion. The bank made it sound as though the fact that I'm buying it from my mother, and it is not her primary residence
is the problem. The mortgage processor said, "you and your mother are both
benefiting from the sale." AND? My web address is . Thanks again.
Ryan

Answer
Your email address was not printed, Ryan. I recommend you send it to me at my email address: dixiedee13@aol.com, just in case allexperts.com is deleting it for whatever reason. If you do not see my email address in this note, then I know for sure.

Dick