Home Buying in 89502>Question Details

Here4u, Home Buyer in Sparks, NV

First time home buyers with FHA loan

Asked by Here4u, Sparks, NV Sun Sep 9, 2012

How likely will get a foreclosure by Fannie Mae with an FHA loan but with over 10% down not the traditional 3.5% down? We offered $105K with seller pays 3% closing(max we can afford).We really want this home. Was listed at $107K. Do you think we made a good offer and I heard that when you have more money down then they like that. any advice? We made offer on friday, Heard there was one other offer but was not going to be presented until monday. What is our chances?

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2
Looks fairly good. The market has gone from white hot to red hot so buyer's are able to sneak some offers in these days and get accepted.

Good luck tiger!
1 vote Thank Flag Link Mon Sep 10, 2012
Thank you Ron for your reply. We ended up getting outbid but that is okay. we are currently awaiting a response on another offer on a different house. By the way I watch your youtube videos and they are really helpful and packed with useful information. I love the drive by videos they are very neat, you should do them more often.
Flag Tue Sep 25, 2012
I've heard allot of strange things going on in this market so I wish you luck with your offer. I would suggest anyone buying a home with an FHA loan ask about a Energy Efficient Mortgage. It is designed to help buyers get a more comfortable, efficient, and healthy home at the time of purchase with out a large out of pocket investment.
0 votes Thank Flag Link Sun Sep 16, 2012
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