Ask for seller paid closing costs if you need : http://fhamortgageinfo.com/fha-vs-conventional-loan/
Florida Mortgage Coach
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- no appraisal needed (this can save you around $400)
- only 3% down vs FHA needs at least 3.5% down
Also, ask for closing costs assistance! Often they will pay up to 3.5% of your closings costs, sometimes more. Make sure your agent negotiates a good deal for you!
Ask for seller paid closing costs if you need : http://fhamortgageinfo.com/
While this may seem insane - it probably will prove financially wise in the end. The houses they were making an offer on were appreciating at about 3K per month. So it will only be 3 months before those crazy offers start looking like a good deal.
Let me give you some statistics:
153 foreclosures sold in Pembroke Pines in the last year.
72 of them sold for cash
55 of them sold with a conventional, va, or other financing.
26 of them sold with an FHA loan
So you're at a real competitive disadvantage. I only looked at the single family homes, but the numbers will be worse when you start looking at condos.
If you want to discuss this, feel free to give me a call.
Either way, definitely check it out. If you need any help in finding a Fannie Mae property, please let me know.
Best of luck,
Villa G Realty, Inc.