Quote:
Originally Posted by kane
Things probably have changed. My mom sold her house that was on an FHA loan back in 1990 so it has been a while. Also, I think part of why they dragged their feet is that she was selling it for a fair price, but FHA seemed to think it was worth more and they wanted her to increase the price. Even after she told them that she had it at a higher price before, but got no offers they still weren't happy.
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its almost backwards now and they are REALLY strict.
they will not give you the loan if the purchase price exceed the FHA appraised value. These are appraisers that the FHA department has, so you can't pick them out. Finding that out, you will see houses for sale that will say "no FHA or VA loans" because of this.
So if you find your dream home for say $450,000 and others in the area sold for $480k+ with similar comps, but yours is appraised for $440,000, you can not even offer the seller $10k outside the deal. Makes no sense.
Plus they will not roll in closing costs like they used to. When my friend bought his place 2 years ago, he rolled in closing costs into the loan and only paid the 3.5% down... must be nice and he got his loan in 3 weeks