Zillow Advice: Buying Process - Biest against FHA loans http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ Zillow Advice | Zillow Real Estate This is changing as we speak.&nbsp; ... http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ This is changing as we speak.&nbsp; Conventional <a href="http://www.zillow.com/directory/lenders/">lenders</a> are now conforming to <a href="http://www.zillow.com/fha-loan/">FHA</a> appraisal standards and in some instances higher than FHA standards.&nbsp; So while there IS&nbsp;a current bias, it is changing rapidly.&nbsp; As I mentioned in an earlier post.&nbsp; If the seller (bank) won't do all the repairs, you may have to do them yourself - prior to closing the escrow.&nbsp; That is avery scary thing. Thu, 16 Jul 2009 17:29:00 GMT http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ 2009-07-16T17:29:00Z What Scott said is true, ... http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ What Scott said is true, however a well written contract will avoid that "scare" factor.<br/><br/>My seller mentioned from the first time we saw the home that he wasn't interested in <a href="http://www.zillow.com/fha-loan/">FHA</a> because of the hassle with the appraisal. However even with multiple offers, he accepted ours for some reason.&nbsp; We came to the agreement that the house was being sold "as is" and if there were any necessary repairs, that we had the option of completing them ourselves, or walking away with a full refund of or downpayment. Thu, 30 Jul 2009 19:11:00 GMT http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ 2009-07-30T19:11:00Z I am seeing the same thing...a ... http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ I am seeing the same thing...a large majority of my clients are <a href="http://www.zillow.com/fha-loan/">FHA</a> approved and it seems as if they are not getting their offers approved as fast as my conventional <a href="http://www.zillow.com/mortgage/">loans</a>. There is a large proportion to incomplete transactions when using FHA financing and most definately will weigh on a sellers mind especially if they are a large REO company that has thousands of homes...if they have to pakage and put on the market they most likely will lose even more money on the unsold home. Thu, 30 Jul 2009 18:15:00 GMT http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ 2009-07-30T18:15:00Z Maybe you would like to look ... http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ Maybe you would like to look into a <a href="http://www.zillow.com/fha-loan/">FHA</a> 203k streamed lined loan. This is essential a rehabilitation <a href="http://www.zillow.com/mortgage/">loan</a> created by FHA specifically for bank owned homes that are in need of major repairs. The 203k allows you to take up to $35,000 above the purchase price to hire a contractor to repair any structural or cosmetic repairs so you can purchase a home even if standard FHA will not allow it. <br/><br/>I hope this helps Thu, 30 Jul 2009 17:25:00 GMT http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ 2009-07-30T17:25:00Z The FHA inspection often ... http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ The <a href="http://www.zillow.com/fha-loan/">FHA</a> inspection often leads to a list of items that are required to complete the loan.&nbsp; These items can include structural repairs, relocating plumbing, reroofing, refinishing, etc.&nbsp; If the house is not up to FHA standard the <a href="http://www.zillow.com/mortgage/">loan</a> cannot be completed.&nbsp; <br/>The whole thing can be a huge pain in the rump for both buyers and sellers. <br/><br/>However, if it's the only loan you can get(if you don't already have a huge down payment) Go for it.&nbsp; It's possible you can get a great many repairs done by the seller before you move in.&nbsp; <br/>Good Luck Thu, 16 Jul 2009 16:51:00 GMT http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ 2009-07-16T16:51:00Z Sellers (if they have other ... http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ Sellers (if they have other viable alternatives) will be <em>biased</em> against <a href="http://www.zillow.com/fha-loan/">FHA loans</a> because they are more of a hassle and generally have a higher rate of uncompleted sales. Thu, 16 Jul 2009 16:33:00 GMT http://www.zillow.com/advice-thread/Biest-against-FHA-loans/256985/ 2009-07-16T16:33:00Z