The simple answer is, "Absolutely not."
The complex answer is, in your price range, you are competing with the "fix and flip" cash investors. In this market, cash is king, and sellers, whether they are individuals, investors, or banks prefer as much down payment as possible. They want you to have as much skin in the game as possible.
You will more than likely encounter multiple offer situations, and all things being equal, the higher down payment, or more conventional loan, will usually win out.
FHA loans can be tough to close on homes that have condition problems, or on condos that are not located in FHA-approved complexes. There are workarounds for these issues, but they don't always work!
It's extremely difficult to get a mortgage lender to finance the purchase of a condo in a Home Owners' Associations (HOAs) with a high rate of unit owners being behind on their monthly dues (over 15%), or a low rate of owner-occupancy (less than 75%t). Unfortunately, when there are a number of foreclosures or short sales in a complex, both of these rates move in the wrong direction, and units become nearly impossible to buy unless you have lots of cash.
All of that being said, I have been able to find 16 properties for FHA buyers in the last 18 months. It wasn't simple, and we lost out on a few along the way, but it can be done. You need a savvy and assertive agent and a great lender on your side. Don't be discouraged!
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) (310) 800-2954
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified
I want you to know that I appreciate any referrals from friends and associates who may be in the market to buy or sell real estate. You can count on me giving them the same high-quality service I provide to all of my clients.