IS THIS HOUSE A DOG OR NOT?
I found the same confusion today talking to clients about FHA Homes and Mortgages!
I have a great question for you?
I am a first time home buyer-What type of home can I buy with FHA financing and can I buy a foreclosure home with FHA financing?
The best answer I have is-well, "maybe" and "that depends"
As a buyer, It truly depends on the type of repairs needed in the home, the type of financing you qualify for, and the home you are interested in.
If you are a buyer, the best step to take first is a pre-approval . The lender can guide you through the process of what type of property you qualify for and what options you have regarding foreclosure homes and what condition the home needs to be in as well.
I am a seller and I am not sure if I want to consider an FHA offer?
If you are a seller, don't be put off by the offer coming from the FHA buyer-times have changed and financing has changed with it!. Many of the first time home buyers in today's market are using an FHA product so be prepared to sell your home to any qualified buyer. Look at your bottom line-if you are happy with it, you may want to consider the offer.
What shape does the home need to be in to qualify for an FHA mortgage?
I have heard all types of discussion on this. Since we sell foreclosures on a weekly basis to FHA buyers, my answer to this question is always -well- "it depends and maybe!" There are foreclosures out there for FHA buyers. It just depends on the condition of the home, the loan you are qualified for, and the efforts of the professionals you are working with.
The lender makes the final determination according to what is marked on the appraisal. There are several guidelines outlined by HUD and other FHA websites where both buyers and sellers can get an idea of what to watch out for/repair prior to selling.
BIG TIP!! First time home Buyers may want to look into the FHA 203k program, USDA, and OFHA for lower down payment options and improvement options.
Great information can also be found on Realty Trac
"Options are always possible, they just take more work and thought than the obvious!"
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