FHA = More Qualified Buyers and Closed Escrows
As conventional guidelines tighten and we see the effects of the HVCC appraisal policy on the real estate and lending industries, having access to FHA approved lenders is a crucial ingredient in ensuring you're with a professional Realtor. Another key component in buying a home is paving the way for a strong appraisal of the property. Appraisals in today's market often times is a root cause for a deal falling out of Escrow. The quality of the appraisals on FHA loans are far better and processing times faster than conventional loans. This often translates into closing escrow in the much touted 30-day period. However, there is so much more to FHA that has a POSITIVE impact on you whether you are the seller of buyer. As the real estate market is heating up remember that FHA financing can be the best alternative for a smooth swift real estate transaction. Below are some other reasons why FHA just might be for you:
- Remember, NO seller-paid fees are required.
- Credit scores as low as 620 are acceptable. Pricing is virtually the same whether the score is 620 or 800.
- Down-payment requirement only 3.5%.
- Entire down-payment and closing costs can be Gift Funds
- Non-Occupying Co-Borrowers allowed - this is a huge factor.
- Time lapsed on a bankruptcy before obtaining new financing is far less than on conventional financing.
- It is worth repeating that some lenders get to choose the appraiser, however this may be altered somewhat to include an impartial third party.
- No cash reserve requirements necessary.
- Lower occupancy requirements on condos (must be on FHA approved list).
I can help arrange the details to begin the process of financing your new home!
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