Author Topic: Does anyone know about FHA loans?  (Read 1818 times)

Offline Crash

  • Senior Survivalist
  • ****
  • Posts: 233
  • Karma: 7
Does anyone know about FHA loans?
« on: February 07, 2011, 07:18:57 PM »
I have someone interested in the house, but they're wanting to go through FHA and it's a mess. Any friendly advice?

Offline reefmarker

  • Survivalist Mentor
  • *****
  • Posts: 486
  • Karma: 24
Re: Does anyone know about FHA loans?
« Reply #1 on: February 07, 2011, 07:56:10 PM »
Be happy someone is wanting to buy your house.  FHA just takes longer.  Your inspection will have to be perfect also.  FHA sometimes offers such better terms than a normal bank that a consumer has to go with the extra hassle.  Plus, it can save a bunch on title insurance since it is less and often tax deductible via an fha loan.

Offline Crash

  • Senior Survivalist
  • ****
  • Posts: 233
  • Karma: 7
Re: Does anyone know about FHA loans?
« Reply #2 on: February 09, 2011, 12:38:38 PM »
Oh I have several looking. I just don't want to put any more into the place.

The problem is, the house isn't real good in terms of structure. It's livable, but it needs fixing, so I'm selling it as is. That's why I'm selling it so cheap. I have almost 4 acres with a 4 BR mobile on it for $72,000. Someone on the next road down has a 1 acre parcel with no improvements for $30,000. So I'm giving them a break on the land price AND throwing in the house for free. Figure the land is worth $120,000 by itself. There is no room for negotiation. To repair it to FHA standards, it would cost me thousands. Not at this price.

Offline digitalartranch

  • Senior Survivalist
  • ****
  • Posts: 289
  • Karma: 10
    • The Digital Art Ranch, art and or illustration by Eric VanSingel
Re: Does anyone know about FHA loans?
« Reply #3 on: February 27, 2011, 06:54:48 AM »
From the description of the parcel... it isn't going to qualify for FHA and the broker who brought them to your house, to be frank... is not smart.

you can find out all about FHA guidelines at the website

http://www.hud.gov/offices/hsg/sfh/fharesourcectr.cfm

msg me if you need help or want more info... been almost 8 years in the mortgage industry so I might be able to lend a hand to a fellow tsp'er

Cheers
ev

Eric VanSingel creates comics, digital artwork, rants, reviews, and advice on his website ericvansingel.com.  He makes most of his paintings and comics these days digitally on the iPad.


Offline reefmarker

  • Survivalist Mentor
  • *****
  • Posts: 486
  • Karma: 24
Re: Does anyone know about FHA loans?
« Reply #4 on: March 04, 2011, 10:46:01 PM »
Oh I have several looking. I just don't want to put any more into the place.

The problem is, the house isn't real good in terms of structure. It's livable, but it needs fixing, so I'm selling it as is. That's why I'm selling it so cheap. I have almost 4 acres with a 4 BR mobile on it for $72,000. Someone on the next road down has a 1 acre parcel with no improvements for $30,000. So I'm giving them a break on the land price AND throwing in the house for free. Figure the land is worth $120,000 by itself. There is no room for negotiation. To repair it to FHA standards, it would cost me thousands. Not at this price.
Yep, if it isn't a little better than perfect, it won't qualify for an FHA loan.  Everything has to be just right or they will reject it.  There is no approval with a couple of things to fix.  You have to fix it first.