Comments on: The FHA Way

By: Jim Minkey

Jim Minkey — Mon, 21 Sep 2009 23:33:24 +0000

It’s funny Steve…I hear the same thing from the lenders I work with too! Out of one side of their mouth I hear pie in the sky (when I have a client with 5% down) and out of the other side I hear serious horror stories (when I have a 20% down buyer and we won’t be using FHA). Here’s one thing I completely agree with your agent on…your screwed trying to compete with 3% down & FHA. In fact, don’t waste your time. I’m not too sure about 10% down either…

By: Steve

Steve — Mon, 21 Sep 2009 16:19:16 +0000

I’ve been looking for this issue online to see if it’s as bad as I’m hearing. My lender swears that FHA is a piece of cake, (actually all the lenders we’ve spoken to say they’re writing more FHA than conventional loans) and my realtor is freaked out, telling us that we’ll never get a place in a competitive situation and to figure out 10% or forget it. We could get to 10% but it would hurt.

By: Karla

Karla — Sun, 13 Sep 2009 04:32:32 +0000

I’ve been waiting for you to write something about FHA loans. They are such a pain in the butt. My husband and I are currently trying to buy and we only have about 3.5% to put down. The problem we are continuing to run into is that every “townhome” that we look at is coming back technically as a condo and therefore, we’re required to get a HUD spot approval, which has SO many requirements. It’s SO frustrating!