What a great Loan program FHA is, you can get into a home with as little as 3.5% down and have the seller pay your closing cost!
But of course, FHA is one of the most challenging loans when it comes to actually finding the home and getting the seller to accept your offer.
Believe me I know, 95% of my current buyers are utilizing FHA loans. But I will tell you this; they are typically in escrow within 4 weeks, mostly within 2 weeks! The bottom line is, DON'T GIVE UP!
So what's the challenge with FHA Home loans?
• Finding Homes that qualify for FHA (not all do)
• Finding Sellers that will accept your offer (many are unfamiliar and don't have savvy agents guiding them)
• Too many search sources (paralysis by analysis)
• Buyers agents not skilled or savvy with FHA (or just lazy)
• Lack of focus on what you want!
What are your solutions?
• Have a clear Vision of what you want! Of course it must fit within your budget and be obtainable but you and your agent must be very clear of what will make you happy!
• In truth, finding out if the Home, Condo or Town Home is FHA approved or not is ultimately your agents job, but there are some search tools you can utilize to find out to some degree if a property is FHA approved. Start by visiting the governments HUD web site for approved Condo projects.
• Use ONE search tool that is direct access to the local MLS. I give my buyers access to my MLS account so they are seeing what I am seeing that is the most 100% accurate and updated.
• The only solution to a "lazy or un-savvy" agent is to either let them know your concerns and get them to make a shift in their business practice towards you or find someone who understands the "ins and outs" of FHA, enjoys the challenge and NEVER GIVES UP!
• The fastest and most efficient way to identify sellers that are open to FHA offers is to be sure your agent is "Cherry Picking" listings on a daily basis and sending them to you as soon as they hit the market.
• If you've already been searching or have had your offers rejected several times, it's time for a new approach. It's time to "Zig while others Zag"! Sounds silly but it's true and it has worked beautifully for my FHA buyers.
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