FHA Ready Homes Fresno, CA.
Finding FHA ready homes in Fresno can be a challenging task. Maybe you have already experienced being in escrow on a property but your FHA appraiser noted too many items that needed to be fixed and it was a deal breaker. Maybe you have lost out on some good opportunities because you can only qualify for the home that you would like with 3.5% down. Maybe the house that you liked the listing agent said the seller would not look at FHA offers. By this time you are feeling discouraged that you will ever buy a home during the current housing recession.
Sometimes what may hold you back from getting a FHA ready home in Fresno is not the FHA guidelines themselves. Sometimes FHA lenders have their own requirements on top of what FHA requires. If you have fallen out of escrow because the "FHA required repairs" were too great, maybe some of those were actually the lender's underwriter's required repairs and not FHA's. There are many advantages to obtaining FHA financing and lets face it, not many people have 20% of a homes value in their savings account to use as a down payment. Thankfully, conventional financing is starting to loosen up and now people can obtain 95% conventional financing. However, conventional financing doesn't allow for gift funds from a family member to be used as a down payment. Conventional financing is a topic for another blog down the road.
My point is that maybe you need a mortgage broker who knows how to utilize various FHA lenders according to the condition of the property you are interested in and I recommend that you call this guy. Peeling and chipping paint has been known to cause problems in underwriting on FHA deals. Can you believe that we closed a FHA deal on this house?!
So, don't let agents scare you away from homes because you are a FHA buyer. FHA is normally concerned with health and safety issues but I have had conventional appraisers make me cover electrical outlets and FHA appraisers not care about exposed wires? If you are looking for a FHA ready home check out this FHA ready home in Fresno, CA, 3418 E. Balch Ave. To view more homes in the Fresno area, visit my website.
FHA Ready Homes Fresno, CA.
Fresno and Clovis Real Estate Prices
