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Redfin Real Estate Forums :
Seattle :
Re: Soft market = stricter FHA requirements
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Soft market = stricter FHA requirements
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Deez
Contributor
Posts: 16
Registered: 03-06-2009
Message 1 of 8
Viewed 2,226 times
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Thought I would post this link just in case you haven't already heard. New Appraisal Guidelines Effective April 1, 2009 All FHA appraisals dated on or after April 1, 2009 must include a Market Conditions Addendum in order for the loan to be insured by the FHA. There are also new guidelines for appraisers to follow when the property is in a declining market area. http://mortgagedfuture.com/why-it-just-became-more-difficult-to-get-an-fha-loan-declining-markets/ The entire Seattle area (from my estimation, I checked several zip codes with the lenders) fall into the "declining market" category. I've also checked with 3 different lenders (Countrywide, Wells fargo and HSBC); all no longer offer 3.5% down payments, nor will they roll closing costs into the loan. Seems to me this may take a lot of buyers out of the market that were trying to take advantage of low interest rates with little down. What will this do to house prices?? We'll see...
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04-06-2009 02:13 PM
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Re: Soft market = stricter FHA requirements
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liz_was_here
Regular Contributor
Posts: 82
Registered: 02-08-2009
Message 5 of 8
Viewed 1,835 times
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We were approved for a 3.5% down FHA loan through USBank. They are still doing them and it was an extremely easy process getting the financing nailed down. However, we have our appraisal set for 04/15 and we are supposed to close on 04/30. I will admit these tighter requirements have me a little worried, but the house is in wonderful shape so I am hoping it's just me being paranoid, the appraisal will come back positively (and above what we are paying) and I'll be moving in a couple of weeks...
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04-12-2009 10:47 PM
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Re: Soft market = stricter FHA requirements
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Cookman
Contributor
Posts: 15
Registered: 03-25-2009
Message 7 of 8
Viewed 1,618 times
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I am not sure why the big banks would not offer the standard FHA loan program, which is still available and actually very easy. Minimum down payment of 3.5% which can be a gift from a relative, the seller can pay the closing costs, and rates are just under 5%. Underwriting has tightened up so they actually want to make sure you have a pulse and a job these days to buy a home, which is a good thing... I would say about 90% of the purchases I see are going FHA- all 3.5% down so maybe the big banks have been banned from regular FHA loans, but the good guys still have them available. And I thought Bank of America was suppose to use that TARP money to make more loans?
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04-17-2009 06:42 AM
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