I Love FHA, and so do my clients
I love FHA. I love everything about it.
If I could I'd send FHA a little love note and flowers and take FHA out on a date. We'd go to the new Churchhill's steakhouse in town, then head for a nice stroll along Riverfront Park. I hope my wife doesn't mind, I've invited FHA to move in with us.
FHA-insured mortgages have been the saving grace in an otherwise bloodied lending landscape. My clients have benefited immensely from FHA-insured mortgages. Just this week a client of mine, about to close on a house using an FHA mortgage, wrote to me and said "Thankyou for all the small but significant things you do for us besides the big things... helping us with our investment planning (two homes)..."
See if this scenario works for you...
The Scenario:
- My clients' credit score is marginal, right around 600
- They only have about $2,000 in savings
- My clients own a beautiful home in Spokane in a neighborhood they aren't particularly fond of
- They are do-it-yourselfers, hooked on DIY-network and have done about all they can to their current home, it is absolutely darling
- They'd like to move into and rehab a similar-sized home around Corbin Park, a neighborhood they've been eyeing for a few years
- Although they don't like their neighborhood, my analysis shows their neighborhood will appreciate at an above average rate due to certain coming, positive changes in the neighborhood
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The Solution: Turn their current home into a rental, purchase and move to the Corbin Park home
- My team pre-approved them for an FHA mortgage, and we got them a wonderful Corbin Park house under contract
- I photographed and built them a website to post their current home for rent (to protect my clients' privacy, I haven't linked to their website)
- I taught them how to create Craigslist postings to drive traffice to their site
- I set them up with a rental application form and prefilled rental agreements and instructions on how to find a tenant
Why FHA:
- With their low credit score, they'd be paying about 1/2 % higher mortgage rate if they
... continued... there is plenty more...
Such as:
How much my client was out-of-pocket in order to move into their new home (it closed today, actually. They have the keys and are already starting renovations)
What happened to their loan when my client lost their job
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Purchasing Spokane real estate with FHA financing
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