My first thought is "owner occupied". And there is nothing better for our current market then to fill neighborhoods with people who want to live there, take care of their homes, and be good neighbors.
My second thought goes to the property itself. I do a lot of short sales. So it is imperative to evaluate if the property has problems that will prevent FHA from lending on it. In a short sale, the seller can't fix the problems because they have no money. And, unfortunately, the short sale lender, who is already taking less than what is owed to them, will not pay for the needed repairs. A good listing agent will know if their property is FHA financeable and should disclose if it is not.
Good luck in finding your new home. And as you can see from the answers below, being an FHA buyer is not a problem in this market. Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
That's such a good question and maybe too difficult to deliver a direct answer. Each situation is different. I'll start by confirming the fact that the driving force for many of our local markets are supported by mostly FHA buyers and it's difficult to find prejudice in working with these transactions. My first concern would be to make sure that there aren't any challenges that would prohibit a lender from lending on the property. I have learned from experience the importance of requesting that my sellers perform certain inspections to uncover any major issues prior to even taking the listing. Another important concern is that FHA loans are increasingly becoming harder to qualify for. Buyers have to make sure they're confident with their finances, down payment resources, Fico score and overall credit history. Yes, a DU approval should be obtained by your lender prior to setting out to search for properties. Be prepared for success! The most powerful tool of all: Work with an experienced loan originator, preferrably one who understands what their underwriter will approve before they submit the file to their processor. Here's one last tip to gain leverage with the listing agent: It might a great idea to agree to use the listing agents lender of choice. This may incentivize the seller to feel more confident in accepting your offer.
If you need a list of referrals, please do not hesitate to contact me at anytime.
Best Wishes & Good Luck!
Katrina Roth, REALTOR
Keller Williams VIP Properties
25124 Springfield Court, Suite 100
Valencia, CA 91355
Direct (661) 208-1855
Fax (661) 291-1463
*Serving All Of Your Real Estate Needs Throughout Southern California...
On short sales, I like FHA buyers, they know how tough it is out there bidding on REO properties & their slim chances of winning the bid. So, on a short sale, I personally feel more confident that the FHA buyer is going to stick it out vs. an all cash buyer.
I have a condo for $124,900 for you in an FHA approved neighborhood in Covina, short sale, great deal!
Realtor Since 1996
...that will help..