Comments on: A Seller’s Guide to FHA http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/ Seattle's Leading Resource for Real Estate Information Sat, 21 Nov 2009 06:01:18 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-327161 Rhonda Porter Thu, 23 Oct 2008 20:08:03 +0000 http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-327161 sorry ayers, you are correct that you'll need 90 days to pass since the last transaction before FHA will allow financing. sorry ayers, you are correct that you’ll need 90 days to pass since the last transaction before FHA will allow financing.

]]> By: ayres http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-327145 ayres Thu, 23 Oct 2008 17:35:44 +0000 http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-327145 I'm a RE Investor that is limited by FHA because the rules have been that a buyer can not use a FHA loan with a roperty that hasn't been owned by the Seller less than 90 days. As you can imagine, waiting 90 days incurs costs that make the transaction less desirable. But I would be happy to learn that this lending requirement has been waved? Ab. I’m a RE Investor that is limited by FHA because the rules have been that a buyer can not use a FHA loan with a roperty that hasn’t been owned by the Seller less than 90 days. As you can imagine, waiting 90 days incurs costs that make the transaction less desirable. But I would be happy to learn that this lending requirement has been waved? Ab.

]]> By: FHA Update: The “It Girl” of Mortgage | Rain City Guide http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-326836 FHA Update: The “It Girl” of Mortgage | Rain City Guide Sat, 18 Oct 2008 17:10:41 +0000 http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-326836 [...] Sellers, you are reducing your exposure to more buyers if you are not considering those approved with FHA financing…especially with the higher loan limits.   A $700,000 sales price with 20% down is pretty close to the current limit.  Anything shy of 20% down would probably lean towards FHA jumbo. [...] [...] Sellers, you are reducing your exposure to more buyers if you are not considering those approved with FHA financing…especially with the higher loan limits.   A $700,000 sales price with 20% down is pretty close to the current limit.  Anything shy of 20% down would probably lean towards FHA jumbo. [...]

]]> By: FHA Jumbo | Rain City Guide http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-326829 FHA Jumbo | Rain City Guide Sat, 18 Oct 2008 15:08:23 +0000 http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-326829 [...] with homes priced around the new FHA jumbo loan limits should consider buyers utilizing FHA financing. A sales price of $584,000 would allow for a minimum down FHA insured mortgage. However a home [...] [...] with homes priced around the new FHA jumbo loan limits should consider buyers utilizing FHA financing. A sales price of $584,000 would allow for a minimum down FHA insured mortgage. However a home [...]

]]> By: janet http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-322669 janet Thu, 31 Jul 2008 14:31:05 +0000 http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-322669 i am not sure i understand comment #46 from Ardell; you mean to counter offer at $181000 full price w/ $5000 toward closing cost. the sales price for my home is $181,000. the fha mortgage buyer is offering like i mentioned sales price of $175,000 plus for seller closing costs no to exceed $5000 and $350 service repair contract? what do you think? our target price was $176,000 we are going to counter offer with lowering the price & accepting the $350 and $1000 toward closing i am not sure i understand comment #46 from Ardell; you mean to counter offer at $181000 full price w/ $5000 toward closing cost. the sales price for my home is $181,000. the fha mortgage buyer is offering like i mentioned sales price of $175,000 plus for seller closing costs no to exceed $5000 and $350 service repair contract? what do you think? our target price was $176,000 we are going to counter offer with lowering the price & accepting the $350 and $1000 toward closing

]]> By: Rhonda Porter http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-322666 Rhonda Porter Thu, 31 Jul 2008 13:15:10 +0000 http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-322666 Janet, it sounds like the buyer is asking you to pay for closing costs above what is "required" (or is actually "non-allowable costs for the buyer to pay"). Leanne, these days, FHA loans seem easier to close than conventional. If I were a Seller I would accept an FHA approved buyer in a heart beat! I would also verify on HUD's site that the lender is approved to FHA loans. Janet, it sounds like the buyer is asking you to pay for closing costs above what is “required” (or is actually “non-allowable costs for the buyer to pay”).

Leanne, these days, FHA loans seem easier to close than conventional. If I were a Seller I would accept an FHA approved buyer in a heart beat! I would also verify on HUD’s site that the lender is approved to FHA loans.

]]> By: ARDELL http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-322657 ARDELL Thu, 31 Jul 2008 06:29:10 +0000 http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-322657 Janet, There is a small amount that is required to be paid by the seller, but not $5,000. Usually you WOULD pay the $5,000, as the offer would suggest the buyer may not have it. The appropriate counter...if you counter...would be full price with $5,000 toward closing costs. Don't accept the price and not the costs, as that may be a "check-mate" counter where you back the buyer into a corner they can't get out of. Janet,

There is a small amount that is required to be paid by the seller, but not $5,000. Usually you WOULD pay the $5,000, as the offer would suggest the buyer may not have it. The appropriate counter…if you counter…would be full price with $5,000 toward closing costs. Don’t accept the price and not the costs, as that may be a “check-mate” counter where you back the buyer into a corner they can’t get out of.

]]> By: leanne finlay http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-322656 leanne finlay Thu, 31 Jul 2008 06:04:05 +0000 http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-322656 Janet, if you would accept this same offer from a 'conventional' financed buyer, I'd accept it from an FHA buyer. Another way of looking at this is: this buyer is asking you to effectively drop your price $11,000 ($6000 off ask price, plus the $5000 closing costs). Is $11,000 in the range of what you feel comfortable taking off your price? It seems fair, but I don't know the price of your home (ie, if it is $50,000, perhaps $11,000 is too steep! If it is $500,000, $11.000 seems darned cheap to me :-) . Rhonda, unless Janet's house needs obvious work, such as a new roof, do you see any other reason for her not to take an FHA offer from a buyer? The required costs for a seller for an FHA transaction are very low, the $500 the buyer is asking for towards closing costs are not lender requirements. Janet, if you would accept this same offer from a ‘conventional’ financed buyer, I’d accept it from an FHA buyer. Another way of looking at this is: this buyer is asking you to effectively drop your price $11,000 ($6000 off ask price, plus the $5000 closing costs).

Is $11,000 in the range of what you feel comfortable taking off your price? It seems fair, but I don’t know the price of your home (ie, if it is $50,000, perhaps $11,000 is too steep! If it is $500,000, $11.000 seems darned cheap to me :-) .

Rhonda, unless Janet’s house needs obvious work, such as a new roof, do you see any other reason for her not to take an FHA offer from a buyer? The required costs for a seller for an FHA transaction are very low, the $500 the buyer is asking for towards closing costs are not lender requirements.

]]> By: janet wamsley http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-322647 janet wamsley Thu, 31 Jul 2008 04:11:58 +0000 http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-322647 as a potential seller of a home i got an offer from an FHA backed mortgage-buyer that is offering us $6000 less than our listing price and is also asking we cover up to $5,000 of closing costs, my question is the seller required to pay for closing costs for the buyer on a FHA mortgage? what is required to be paid? what type of costs? please i will appreciate your prompt answer we must accept or counteroffer by 3 pm 7/31/08 central time if you can reply tomorrow morning it will be great. Thank you in advance. as a potential seller of a home i got an offer from an FHA backed mortgage-buyer that is offering us $6000 less than our listing price and is also asking we cover up to $5,000 of closing costs, my question is the seller required to pay for closing costs for the buyer on a FHA mortgage? what is required to be paid? what type of costs?

please i will appreciate your prompt answer we must accept or counteroffer by 3 pm 7/31/08 central time if you can reply tomorrow morning it will be great. Thank you in advance.

]]> By: Rhonda Porter http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-320472 Rhonda Porter Fri, 27 Jun 2008 05:22:32 +0000 http://raincityguide.com/2007/10/01/a-sellers-guide-to-fha/#comment-320472 Ben, please check with your CPA or tax advisor... I'm so focused on the financing side (with our ever changing guidelines), there is no way that I can truly provide reliable current tax information. Thanks so much for reading RCG and I'm glad you enjoy our blog. Ben, please check with your CPA or tax advisor… I’m so focused on the financing side (with our ever changing guidelines), there is no way that I can truly provide reliable current tax information.

Thanks so much for reading RCG and I’m glad you enjoy our blog.

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