Multiple offers! FHA having a hard time getting accepted? Try this...

By
Mortgage and Lending with Mortgage Resource Plus NMLS LO#138228

    

Excited about finding their dream home and ready to write the offer. One day on the market and 10 showings. Sound familiar?

You write the offer and you are 1 of 6 that day. Your's is FHA 3.5% down and it does not make it. Seller is a little nervous in case the appraisal is low. Conventional WON!

How many times has that happened to you and your borrower? How about a 3% Conventional Mortgage?

Now that is what we are talking about. It is a great alternative. 3% down, 680 or above credit scores. So when your borrower is getting pre-approved ask about this alternative. It just may work for you.

Have an awesome week everyone.

Comments (2)

Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Natalie, it is a real tough market for FHA buyers, almost impossible.

Mar 25, 2013 06:26 AM
Natalie De Leo
Mortgage Resource Plus - Southfield, MI
Former Realtor now Mortgage Consultants

Kathy.

Boy I hear you. It seems like a great program but there are few gotcha's that make it a challenge. I feel for you when you are working with buyers pre-approved FHA and again and again multiple offers or homes not in the condition to have a proper appraisal valuation. It takes a"think out of the box" strategy for those folks with little down but have worked hard to support good credit scores and keeping they employment in tack.

Early preparation for pre-approvals and continued accountability to stay pre-approved for the Realtor is key. Hoping they can squeeze savings to 5% down for some we have a 3% down but we are only licensed for Michigan. I wish I could help you personally but I am always hear if you need to brainstorm.

Mar 25, 2013 06:56 AM