There are several FHA limits, here are just a few.
With Bank Owned Homes. Mainly the Pool, must be filled and in working condition, Stoves and toilets are a must have.
As for Short Sales, they are still a Challange. So going FHA wont make a difference.
So again dont limit your options, A good Buyers Agent can help you through the risk, and details, and put the deal together.
Dont get caught up in the Hype, this is not a buyers market it is a " Bankers " market. They own the loans, Inventory, and set he price, So they control the market.
Here is a site to help answer some of the details
There wouldnt be any problems with FHA. However for some of my recent buyers I have asked them to put as much earnest deposit down as possible since the market is flooded with cash buyers and conventional loan buyers.
I work in this area and live close by!
Would you let me know your price range and what amenities you prefer such as pool or no pool, planned community ect..
Log on to http://www.DesertRidgeLifestyle.com to keep up with homes available in Desert Ridge. A majority of my buyers right now are FHA and they still get homes. So can you. You know where you wish to live, now it's about identifying the home and makeing the best offer for the bank to accept. There are ways to secure first position on short sales. My cash buyers still play a strong preference I find but don't let it deter you. It can be done.
I will help you find your home if you are looking for a professional that specializes in the area. Contact me through my website or call.
About the properties - I can send you a list of properties that meet your criteria.
Residential Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
I live and work in Desert Ridge. Please do not hesitate to call with any questions.
Nextage Realty Professionals
LinkedIn Profile: http://www.linkedin.com/in/hiremario
There are no issues with this keep in mind FHA mortgage max limit is 346250.00, so as long as you are going with a loan amount below that you should have no problem.
Feel free to contact me if you have any further questions.
City North/ Desert Ridge Location
Sr. Loan Officer
5450 E. High Street Suite 260
Phoenix, AZ 85054
You have come up with a interesting point,
First of all this will be my first home, and i will reside in it.
Now, the only reason i asked this question is , "what will happen if i change my job and move to different state?"
In that case, can i rent out this home ?
The rents run about $1100-$1450 for the smaller 1300-1700sf homes all the way up to $3000 for the larger. the builders are different and demands for them bring different values as well. The corner of Deer Valley and Tatum where the Continentals are have many rental properties.
If I can help let me know
Keller Williams Arizona Realty