That's because there are so many cash buyers looking for homes in the typical
FHA price ranges. Then, there are conventional loans also lining up for a short at the limited number of homes currently available for sale.
Many homes are selling above their appraisal rates. So sellers are often reluctant to accept an FHA mortgage because they are aware that their homes will not appraise; they are also aware that most FHA buyers will not have sufficient cash reserves to pay the difference between the appraisal valuation and the agreed upon sale price.
Marc Jablon, the Jablon Team
RE/MAX Complete Solutions
An alternative option is Homepath.com (Fannie Mae) foreclosure purchase with Homepath financing.
You can put as little as 3% down, and in some cases the lender will pay the closing costs.
Since you are buying your principal residence - you'll advantage over other buyers like investors, for example, if you offer during Homepath's First Look Time Period. There is a similar program called Homesteps (by Freddie Mac).
Check it out on their website!
Hope this helps,
Beachfront Realty, Inc.
All the best,
VP of Retail Sales
Toll free: 800-359-1996 x551
Alt email: fritz@post.Harvard.edu
NMLS ID: 387922
Visit my webpage: http://www.totalmortgage.com/bankers/fritz-walter/
Company Website: http://www.totalmortgage.com
Total Mortgage Services, LLC - NMLS #2764
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Total Mortgage offers a complete selection of mortgage programs including:
Conventional, FHA, FHA 580-639 FICO, FHA 203 Renovation (Streamline & Consultant), HomePath, VA, VA IRRL, USDA, Jumbo financing , and No Income or reduced income. Portfolio, jumbo, and conventional programs offered for self-employed borrowers as well.