Hello! How is possible to buy a house under the $ 120's in Miami, in a decent area, with an FHA program?

Asked by jmacias, Miami, FL Fri Sep 7, 2012

We have been looking to buy house or townhome under $ 120,000 since last November and until today we haven't been lucky to find it yet. We are buying with and FHA program and we are first time home buyers. But we have noticed that poor people can't have this chance. We also, have been working with a realtor and what he says is that investors are taking away our opportunity because they are buying with cash.

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Robinson Seda Jr’s answer
Robinson Seda…, Agent, Coral Gables, FL
Wed Sep 12, 2012
I am not going to put down anyone but your realtor works for you. He needs to find you a deal that works, negotiate the terms that meet your needs and find you a mortgage originator that knows what they are doing to close the home fast.

there are opportunities for you to have your dream home.

At Lifter Realty Inc. we work with our clients to obtain the best options for them. We also work closely with a local mortgage originator who is experienced in FHA programs that can get you qualified and ready to close fast.

Visit my site and look at all of the options available in the neighborhoods you want. If not a single family home, then let's get you a fine town home to start. What is important is that you get a start on homeownership today while prices are still low.
0 votes
Annette Law…, Agent, Palm Harbor, FL
Fri Sep 7, 2012
Without a doubt, buyers using the FHA or VA programs are at a significant disadvantage. Along with a lot of competition from 'cash' buyers, there is the 'FIX" in place regarding the appraisal process of the banks that many owners are simply unwilling to tolerate. Read the entries of buyers AND sellers. The common theme is not hard to pick up on.
The real estate you should be looking at with the best potential for success are those homes an investor has already updated and is flipping. There are seasoning requirements. Your real estate professional can advise you regarding these requirements. In this situation you are unlikely to encounter price creep.
What you must be able to do is respond quickly. No, you won't have time to 'contemplate' the house. No, you can not bring your uncle, grand father and in-laws by to get their opinion. You must act quickly. At the speed of a lightning bolt these home will be SOLD!
Now do everything you can to get on your agents 'A-List.' This means your agent can include you in the early look programs. These are for buyers who can make decisions quickly. If you have already failed in this aspect, it will be hard to get back on the list.
This also means, when your agent says, "This is the one." it's not the time for you to second guess.
Accept the fact you are at a real disadvantage. Your financing and price point create a situation requiring a 'miracle' worker. Work with your agent and realize compromise will be necessary, don't second guess and waste your agents time. Of course there is much more to this than a Q&A on Trulia can cover. It however is not a MISSION IMPOSSIBLE. But it will require trust and speed.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
1 vote
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Sep 7, 2012
The main reason you are having issues is directly due to this Massive Over Regulation that is preventing Lenders from loaning to millions of good Americans which is taking away their dream of homeownership....PERIOD! FACT!

0 votes
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