I have been closing FHA purchases in the 100k range and below in Phoenix- West Valley, strong for the last 6-7 months and closing escrow within 30-40 days. Most buyers right now are only able to qualify under FHA guidelines due to credit and/ or down payment amounts. First time home buyers especially are falling into this loan category as well USDA right now. The major component isn't so much competing against the cash buyers and investors on properties in the low end of the market.....It is finding an acceptable property that is not already under contract and that will qualify for this type of financing in it's present condition.

It is very possible to locate a home whether short sale or REO and bring it up to FHA standards without coming too far out of pocket inside of escrow period. FHA appraisal/ inspections can appear to be tough on the outside, but with a little knowledge of what they look for you can prepare yourself and the property in advance to ensure a smooth close. USDA requirements are just as strict if not more so......With the right lender, the right purchase contract , and most importantly the right broker you can accomplish anything in any market!

It is imperative that you are up to speed to the very minute when making your home purchase in todays real estate market. The surprise arizona west valley greater phoenix metro suburban communities offer some incredible home values in the present market. You need to hire a surprise arizona real estate agent that works specifically in the surprise area to consult you and facilitate your transaction using their knowledge of the local market. If you have been pre-qualified already, you should hold a LSR or Loan Status Report from your lender- mortgage broker before looking at homes. Your agent can also get this for you prior to opening doors.........
Craig Skibiski- Buyers Representative
New Start Realty & Relocation
Surprise, Arizona
623-262-2888 Office
http://www.BuySellSurpriseAz.com

It is a challange in this market! Even the best agents have a challange getting homes closed with FHA financing! Banks have set up asset managers who view all offers on lender owned homes. When they make a decision it almost always is the cash buyer over any type of financing!

Most my buyers with FHA financing have been successful on short sales.

It is very challanging time!

Lucinda Tkach
Windermere Central

Hi Kenjan848,

Although challenges do exist with purchasing a home using an FHA loan, with the right buyer's agent representing you, it will be much easier. That being said, for purchases in Surprise under $100K, FHA buyers are competing against 20% down conventional loan buyers as well as cash buyers, both of which have an advantage over FHA buyers. So, it will be a bit more difficult especially if you don't have the right buyer's agent representing you. For purchase over $100K, FHA buyers have better opportunities and the higher the purchase price, the better opportunities you will have and the fewer other buyers you will have to compete against.

So, enlist the services of the best buyer's agent you can find and you will have an easier time.

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PAUL WELDEN
HomeSmart
602-503-4010
Exclusive Buyer's Agent

It depends not only on your Buyer's Agent, but also on your price range. Under $100K and it's almost impossible to buy a property using an FHA loan. At $250-300K+ it becomes easier. And the last variable is the structure of your offer, including price, terms and conditions. A savvy, experienced Buyer's Agent can help guide you through the maze.

All the best!

...randy

Is your question what it takes to qualify for FHA, or will buyers accept an offer with FHA financing? At the lower price range, especially for bank owned homes with multiple offers, you run into competition with cash buyers and conventional mortgages. FHA is viewed as the least desirable due to generally longer close times and stricter requirements on home condition. Will have better luck with regular sellers (non-bank).

Due to the low down payment requirements on an FHA loan they are very popular, and the rates are great. I would say they are the most popular loans in his market. There is also the " Your Way Home AZ" that you may want to look at as well.

It's not hard at all with the right agent :-)

Stew Keene - HomeSmart
480-220-7491

You need to show steady income and a minimum of 3,5% downpayment available. If your credit is over 620, you should have no problem at all. Good luck!