ANYTHING is possible, but remember why we are in such a poor housing market right now in the first place.
When Mortgage Reps approve loans for people who cannot pay the mortgage, or approved them just to get more business,many people were forced to default on their home loans and have lost or are currently in the process of losing their home! The guidelines are MUCH stricter for home buyers now, but FHA is meant to be the safe haven, so to speak for many home buyers who otherwise would not have been able to qualify for a loan,due to the monthly payment being too out of reach for them, FHA has stricter guidelines about inspections prior to the home being sold,repairs that MUST be made before they will approve the loan,etc. which is GREAT for the buyer! It used to be that many agents would shy away from FHA properties due to the added restrictions and length of time it takes to close on a FHA home. Anymore, FHA is gladly accepted and is the way most home buyers are going now, so if they want business, the agents have to follow in tow.
Make sure that whoever represents you as your buyers agent has YOUR best interests at heart,NOT the size of their wallet! There ARE still a lot of honest REALTORS out there who will put YOUR needs first and your satisfaction,so don`t settle for less!
If a deal seems too good to be true,it probably is! Make sure whatever Mortgage company that you choose GUARANTEES that you will be given the amount they quoted you as far as interest and monies necessary for you to close at the settlement table go! There have been MANY companies lately that will tell you one thing,then when you are at the closing table,tell you you need X amount of dollars extra because of this or that. It can many times be thousands of dollars more, and guess what! You can`t close on that house unless you agree to pay it! It is a common practice for some shady Mortgage Companies. Check them out in the credit bureau AND the Better Business Bureau (BBB) BEFORE you agree to anything, or ask your agent to help you by referring a good Mortgage Rep to you. Even then, just to be on the safe side, ALWAYS check professionals out on the internet and BBB! You will be surprised at what you might find out about people!
Good luck to you!
Vickie "Vick" Carver
Sales Assoc., REALTOR
Century 21 Alliance
Mt. Laurel office
Your Rainbow Realtor!
"Chasing your dreams of Home ownership to the end of the Rainbow,your new HOME"!