Hi Tenita,

All of the answers are great answers and Tamara is accurate stating how many offers you may have to submit and how FHA is being beat out by conventional and cash buyers, even though it may sound crazy. Even harder to get accepted is VA buyers, which is a major bummer since they fight for our freedoms, one of which is the American Dream of home ownership.

So keep in mind to stay patient, keep emotions in tact and hang in there while in the process of finding your home, since it can become very frustrating to buyers.

If I can be of assistance, please feel free to call.

Serving AV, SCV, SFV and Ventura County, dealing in SFR's, condo's, mobiles and land,
TV
Kelelr Williams Realty
(661) 310-4004
DRE#01487734
TVandemark.com (type in the search bar)

Hello Tenita,

The other 3 answers are spot on for you...one of the main issues we are currently having in the Antelope Valley is the significant amount of investors looking to purchase a 'deal'. Because they tend to be cash buyers or higher downpayment loans, they can typically close quicker than an FHA Loan. FHA loans tend to take about 40 days to close.

Don't give up though - many times you have to write 5-20 offers before an offer sticks. If you would like more information on how we can get you a home with an FHA pre-qualification, please contact me and we can sit down and go over your exact needs as a buyer. Thank you for your post, have a wonderful day.

Tamara Stoebe, REALTOR, QSC, e-PRO
DRE License #01827461
TROTH GMAC REALTORS
1801 W. Ave. K
Lancaster, CA 93534
Cell: (661) 466-6849
Fax: (661) 422-3006
E-mail: Tamara@TamaraStoebe.com
Website: http://www.TamaraStoebe.com

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Check out my Blog: http://tamarastoebe.blogspot.com

The other two about nailed it. The major issues with FHA financing and buying a bank-owned / REO property are twofold: 1) The condition of the property - FHA tends to be more picky about some things than conventional financiers (ie: If the house is built before 1978 and the paint is chipping they will required that the house be repainted) and 2) Appraisal values - if the FHA appraiser states the house is worth less than what you have agreed to pay (which is still happening a lot here in the Palmdale / Lancaster area) than we need to convince the bank/seller to come down to the appraised value (which is getting exceedingly harder to do in this era of multiple offers on bank-owned / REO properties) ... The best advice I can give is to hire an agent to represent you that is familiar with dealing with banks as sellers and also knows what types of items that an FHA appraiser may write up so you know ahead of time what to expect during the transaction. Also, make sure you know the comps in the area when writing an offer so there is less of a chance that there will be any issues with the value.

Hello,
Bill Austin here with Keller Williams Realty. The short answers are: YES if 1) No significant Repairs are needed 2) Loan amount is within the limits in your area 3) 3.5% minimum down payment. 4) You qualify
These are the major questions to answer. Your specific situation may have several layers of additional stipulations. I can help guide you to a REALTOR in your area.

You can usually purchase a foreclosed home on an FHA loan, as long as the property qualifies for FHA financing. You may be competing, however, against buyers who may be more qualified then you are. Check out this article for more information: http://activerain.com/blogsview/1277321/looking-to-buy-a-for…