08-17-2009 10:29 PM
Got an FHA deal accepted today AND we're getting money back for closing costs!! No joke. I must admit.... I was surprised!
This is a brutal market for FHA buyers and it seems that many of the FHA buyers on this forum have been experiencing it first hand. I just wanted let you all know that it is still possible to get them through.
I'll share my few quick tips (which has been working for me):
* Be quick! I get most of the FHA offers through by being quick. Usually offer the day it is listed. Some of the listing agents respond quick, which is what we hope & pray for! The offer accepted today was submitted today and the listing agent submitted today and got the response today. Love it!
* Come in with a strong offer up front! (No time for counters) Hope they take your first offer!
* Obviously to submit your offer quick.... you need to have all your ducks in a row. (Pre-approval, Proof of funds, EMD, Credit Scores) Have it all together in case your agent needs it with the offer.
Anyways.... Best of luck to all the FHA buyers out there! I know it's not fun!
Redfin Partner Agent
See all my deals & reviews
08-17-2009 11:02 PM - edited 08-17-2009 11:05 PM
Good to hear. My first place was with FHA financing and when I sold it, the buyer was FHA financing 9 years later...
It makes me sick reading accounts (on other blogs) of case after case of entry level housing being snapped up by the agent or an agent's affiliate at the expense of legitimate buyers with FHA or conventional. The other big crime is that VA buyers are getting such treatment. These people put their lives on the line for our country, but the bailouts save the idiot bankers and uncle sam turns a blind eye when his soldiers are trying to buy houses.
08-18-2009 08:32 AM
tysonrobinson: Congratulations on the FHA deal to you and buyer! Good to hear that FHA buyer's offers are being accepted (as evident by you and the "success stories" thread in this forum) despite the nay sayers!! Be sure to add your info to "success stories" thread when you close so your success story can be included.
Good-luck with the escrow process!
08-18-2009 04:20 PM - edited 08-18-2009 04:22 PM
08-18-2009 06:03 PM - edited 08-18-2009 07:15 PM
Congrats! This is exciting. Keep us posted on what happens next.
Mx: FHA doesn't pay anything. Either the buyer does or the seller at their discretion can provide up to 3% concessions with 3.5% down. The higher the down payment the more concessions can be made up to 6%. However, FHA does not issue loans. Banks do follow FHA guidelines with their underwriting standards. FHA's MI guarantees 16.5% of the home loan. The banks are on their own for the 80% and tend to go beyond cautious in lending.
08-18-2009 07:02 PM