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How was your experience with a buyer with an FHA loan (Bay Area)?

  • April 06 2012 - Mountain View
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Answers (4)

Profile picture for aracz
FHA loans may have some requirements that the buyer should obtain from their lender. Some information is at http://www.fha.com/fha_loan_requirements.cfm

All the best,

Arpad

  • May 11 2012
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Profile picture for user6559856
I'm the seller. I have an agent.
We had 3 offers on the house. One is by an FHA person. 
After, all I read, we have a hard time about even considering the offer: Though inspections, having to pay for all kinds of repairs to satisfy the FHA (our house is been sold AS IS", the possibility of having to PAY for her closing costs, the risk of getting a lower appraisal by FHA, the extra time included, etc)
  • April 07 2012
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Hi 'user***',
FHA loans are very common now. It was true that once they were not desirable, but now they're much more mainstream.
The market in some parts of the Bay Area is fairly competitive, so it's important that your agent is confident and has a good rapport with your lender. This way they can reassure the listing agent that everyone knows what they're doing, and that the transaction is as safe as any other type of financing.
The seller wants to be reassured that they will get their money on time, and FHA money is the same as any other money - it just needs a little more babysitting. Having your representatives be ahead of the curve will ensure that this will happen, and everyone will be happy.
So saying, however, as much as the best representation is invaluable, poor representation can be disastrous.
I strongly urge you to be careful with your selection of agent and lender, and I have no doubt that you'll be fine.
Best wishes,
Aileen
  • April 06 2012
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FHA loans are widely used. Are you a buyer thinking of purchasing? There are strategies to help you compete with the other buyers. Please contact a realtor to start the process. Regards, Suzanne Looker, [website removed by Zillow moderator]
  • April 06 2012
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