Home Buying in 97321>Question Details

hunngggry, Home Buyer in Albany, OR

I am looking to find out if a property will qualify for an FHA loan it is pretty cheap and been on the market for a while, 1020 16th ave.

Asked by hunngggry, Albany, OR Thu Apr 26, 2012

http://www.trulia.com/property/3065932827-1020-16th-Ave-SW-A…
does anyone have info on this specific house?

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Answers

6
Judy Clark’s answer
I actually just listed this home about a week ago. It did not sell when it was previously listed. It's a short sale with the Bank of America. The home underwent major remodeling in 2005 and based on what I can see, it appears to be in great shape. I don't know why it wouldn't qualify for FHA unless there's something going on that I don't know. Let me know if you would like to take a look at the inside.
1 vote Thank Flag Link Mon Nov 19, 2012
BEST ANSWER
The best person to answer that question would be a Local Mortgage Banker. I often hear from real estate agents that a home "won't qualify for FHA financing." Too often, these agents are misinformed about current FHA appraisal standards. In today's market, an FHA appraisal is essentially the same as Conventional Loan appraisal. FHA has specific Health And Safety Standards, but the idea that FHA appraisals are tougher on the property is lingering from a period over ten years ago when that was true. Speak with your Local Mortgage Banker to get the straight story about any given property and FHA appraisals.

Mortgage Bankers in your community will provide you with a much higher quality of service and financing options than any "Big Bank." Local Mortgage Bankers have long been the source of excellent financing options for homebuyers. Further, Loan Originators who work at Mortgage Banks are LICENSED whereas Loan Originators who work for the "Big Banks" are only REGISTERED. There's a BIG difference.

Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Consumers have been led to believe---thanks to huge advertising budgets with the BIG BANKS---that they should go to their bank for a mortgage loan. This is the WORST place to get assistance with the BIGGEST PURCHASE of your life! These BIG BANKS are basically BIG CORPORATIONS. You're a number, at best. With a Local Mortgage Banker you will be treated like a friend and a client for life. You can't imagine the high quality of personalized service you will receive from a Mortgage Banker until you try.

As to price---rate and fees---competitive if not better than the BIG BANKS.

You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Apr 28, 2012
Thank you all for your answers :)
1 vote Thank Flag Link Tue May 1, 2012
Trevor's answer below is absolutely correct - the lender is going to call the shots about whether a home qualifies for an FHA loan. In our area, FHA loans are one of the most common and since we work very closely with our mortgage brokers, we usually can make a pretty fair determination of what probably won't qualify. The agent that listed this particular home does a lot of flipping of homes so I trust her input. But again, it is entirely up to the lender. :)
1 vote Thank Flag Link Sat Apr 28, 2012
I contacted the listing agent and she said that the home at 1020 16th Ave in Albany is probably not financeable through FHA. She didn't say why and there could be many reasons, actually.
1 vote Thank Flag Link Sat Apr 28, 2012
I have not seen the home so I can't speak to whether it will go FHA or not. I am looking into it for you. However, it does have an offer and is a Bank of America short sale.
0 votes Thank Flag Link Fri Apr 27, 2012
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