There are certain properties that are listed for sale that are not FHA compliant. That means that some will not be able to finance them with a FHA loan. The 3.5% down payment had been the cheapest rate you can get into a home for today. However, there are some conventional lenders that may allow you to buy a home with as little as 3.0%
Both the 3.5% down FHA loan and the 3.0% down conventional loan will have their minimum requirements. One of the things in which each of these loans cannot allow for are properties that need a lot of work. Homes for sale that are talked about in the following manner – “Contractors paradise, Bring your tool box, requires a little TLC…” Homes that are being advertised in that way – won’t work out for FHA lending.
The only way to know if a property will or won’t finance FHA is to have your agent recon the property in person. While many agents don’t know the minimum criteria with regard to FHA and the way’s in which their appraisers appraise homes – some will. It will be those real estate agents that are local experts in the local re-sale venue.
Work with local real estate agents and let us know when you are ready to move.
Here are the most recent listings sporting that these sellers will accept FHA loans on them:
5 new properties have been found that match your saved search (FHA approved Properties).
Click here to view these listings: http://bit.ly/ULtkGh
740 Colorado Drive Hemet, CA 92544 MLS ID: HM12139906 $125,000 3 bedrooms 2 full baths, 1 half bath 2005 sq. ft.
11045 De Foe Avenue Pacoima, CA 91331 MLS ID: IN12131442 $259,000 2 bedrooms 1 full bath 1120 sq. ft.
10891 Date St Stanton, CA 90680 MLS ID: P842950 $290,000 3 bedrooms 2 full baths 1263 sq. ft.
19835 Kingswood Ln Huntington Beach, CA 92646 MLS ID: S719813 $284,000 3 bedrooms 1 full bath, 1 half bath 1120 sq. ft.
1666 East 108th Street Los Angeles (City), CA 90059 MLS ID: W12119834 $188,500 4 bedrooms 2 full baths