Rainmaker
402,032
402,032
Movoto - Laguna Niguel, CA
I've had FHA transactions that have gone brilliantly smooth as well as some that have been difficult and time consuming. Same for conventional.
I recently had an FHA appraisal come in 66k low on a 400k transaction. Was it because it was FHA or was it because the appraiser was lazy, didn't know what he was doing or had an agenda? It's hard to know.
I had an FHA appraisal come in 13k over on a 595k fixer property.
I'm not a huge fan of FHA, but it serves a purpose for buyers who decide it is the best option for them.
May 22, 2015 02:49 AM
Upvote
2
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JoAnn Moore
Georgetown, DE
Rainmaker
5,584,639
5,584,639
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team
not if the buyer has the right guidance and the mortgage broker is competent....
May 22, 2015 02:23 AM
Upvote
1
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JoAnn Moore
Georgetown, DE
Rainmaker
3,074,389
3,074,389
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Coldwell Banker Realty
Rainer
5,180
5,180
Douglas Elliman Realty - Islip, NY
My client had to go for a HUD 203k (rehab) loan. They qualified for the purchase amount but not for the Reno $$, so had to get a co-signer. The loan officer was totally inept. We were able to get 2 extensions on the contract, got a different Ioan officer & are now headed into the long holiday weekend with no commitment, a contract extension that ended Friday & just don't know where we stand. The stress has been tremendous! The buyer is my niece & her husband & I referred them to the initial loan officer who totally over promised & under delivered. I don't think he had a clue how to package a 203k application.
May 22, 2015 11:26 PM
Rainer
368,326
368,326
EXP REALTY - Phoenix, AZ
urhomefinder.com myvaluetoday.com
they both have about the same amount of paperwork, overall the conventional loan if the client can qualifies is a much better choice , i am totally against mi for the life of a loan .my opinion only ; thanks Donna have a great day
May 22, 2015 12:52 PM
Rainmaker
634,582
634,582
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales
FHA loans are one of several offerings that take some special handling. We have Hula Mae and rural loans and others that can be tricky and make FHA look simple. A good loan officer is key for FHA or any of these loans.
May 22, 2015 07:32 AM
Rainmaker
8,152,279
8,152,279
Retired - Gaithersburg, MD
No. With experience, FHA tranactions are no more difficult and are not more stressful.
May 22, 2015 05:40 AM
Rainmaker
3,986,473
3,986,473
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.