What can I do to improve my chances of purchasing a foreclosed home using FHA/NSP?
Hi Felicia,
I have been searching for a foreclosed home in Covington, Ga. I want to use the NSP downpayment assistance along with an FHA loan. I have found several houses that I like and have made offers on each and every one has been rejected even when I offer more than the sellers ask. I now realise that they are being rejected because the banks do not want to deal with the FHA loan. What can I do?
Ann
Ann,
It's probably the NSP grant program. There are very few if any lenders that have approved this program. Many lenders have not approved it because the lender must front the money for the grant.
It's a difficult loan to process and the closing percentages are low. This may be why sellers are rejecting your offers.
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