Inland Empire

[tysonrobinson]

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!

Tyson Robinson

Redfin Partner Agent 

[BocaMuse]

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.  

venting here... 

Message Edited by BocaMuse on 08-17-2009 11:05 PM

[la1fan]

Good news Tyson! Congrats to your new home buying clients and yourself!

[janer]

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!

[amydevemma]

Congrats Tyson... I was also an FHA buyer. Good to hear another success story!

[mxriderbp]

It is my understanding that FHA has to pay a certain % of the closing costs? Needless to say, congrats! I too am an FHA buyer in escrow. Granted, I am buying a single bedroom condo and was never caught up in the fight for single family homes...but I consider my story a success. It was quite a fight initially...we had to prove to the listing agent that the condo was FHA approved which was quite the task. The community shows up on the FHA list, but we had to get the breakdown of the number of units that are currently owner occupied. It was a little daunting as the HOA was uncooperative at first.

Message Edited by mxriderbp on 08-18-2009 04:22 PM

[Nanomug]

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.  

Message Edited by Nanomug on 08-18-2009 07:14 PM

Message Edited by Nanomug on 08-18-2009 07:15 PM

[mxriderbp]

Nano - I meant to say I thought that the FHA guidelines require that sellers provide some of the closing costs. But it looks like I was wrong in both cases. Haha. Thanks for clarifying.