Buying with FHA loan?

Asked by Julie, Roseville, CA Fri Jul 20, 2012

Because I won't have a 10% down payment and because I short sold my home two years ago, I can only qualify for an FHA loan in a year. I'm reading that many sellers (most of the sellers in my area are short selling their home) often don't accept FHA loans. Is that the case with the banks short selling the homes as well? Am I better off saving for another year and trying to get a convention loan?

Help the community by answering this question:

+ web reference
Web reference:

Answers

1
Tim Moore, Agent, Kitty Hawk, NC
Fri Jul 20, 2012
Banks don't sell short sale homes, they sell homes that they own and they get them after the home is foreclosed. Short sales are sold by the owner with a banks approval. To close with an FHA loan the house has to pass an inspection and certain things must be there and some short sales and bank owned homes might not have what is needed to pass the FHA inspection. Seek out an experienced Realtor when you are ready and after speaking with a lender to be sure that you can get an FHA loan and go look at what is available in your price range.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more