I've been working with a first-time buyer who is keen to purchase a home this year and take advantage of the "First-Time Home Buyer Tax Credit of up to $8000" enacted by Congress as part of the American Recovery and Reinvestment Act of 2009.
I recently submitted an offer on behalf of the client on a foreclosed property. My buyer's offer was extremely fair considering the current comps. Together with the offer I submitted the client's pre-approval letter from Wells Fargo and verification of funds required for the down-payment and closing costs that were held by the buyer in a credit union. The terms of the offer were straightforward with short contingency periods.
I was therefore surprised to receive a call from an assistant at the Listing Broker's office requesting that my client's pre approval letter be re-drawn to stipulate a conventional mortgage instead of a FHA 30 year fixed.
Why should the Agent representing the bank not be happy with a pre-approval for a FHA mortgage?
Isn't this attitude by the Listing Agent contrary to the whole effort to get first -time homebuyers into the market on the most favorable terms and conditions?
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