question about buying a home with fha loan

Asked by Joe, Illinois Wed Jun 18, 2008

the home i really want says conventional loan only but it also has not been inspected before it was put up on market, if i was to have it inspected and it passes would i be able to use the fha loan to purchase it

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4
Greg Zaccagni, , Illinois
Fri Jun 20, 2008
Joe:

While your agent is speaking to the listing agent they may also want to ask about seller concessions. If they did check the box intentionally perhaps they are trying to avoid them which would be a mistake in this market as they are unlikely to receive a full price offer regardless what loan program their buyers use.
0 votes
Eric Marcus, Agent, Chicago, IL
Thu Jun 19, 2008
If the property is a condominium it may not be eligible for FHA financing. If the condominium association has "right of first refusal" it most likely will not qualify for FHA financing. There is a good chance, however, that the listing agent did not check all the boxes in the MLS that he/she could have and one of the financing options would have been FHA. Contact the listing broker or have your agent contact the listing broker. Best of luck!
Web Reference:  http://www.esmrealty.com
0 votes
Brandon Schu…, Agent, Western Springs, IL
Thu Jun 19, 2008
Joe,
It may be a typo. Some home owners do get alittle freaked out about FHA because they have this old thought that they're going to have to make repairs to the house. Becareful, because if they're really adamant about not wanting FHA they may have something to hide. Just a thought.
0 votes
Julie, , Buffalo, NY
Wed Jun 18, 2008
Ask your agent to call the lister and find out why it says conventional only.
0 votes
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