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I'm getting ready to get my home listed for sale soon. The home needs some work so I'm thinking a buyer might not be able to purchase with an FHA loan .
I know there is also a 203k loan for homes that don't qualify for regular FHA.. but I don't know how many people actually buy with those loans .
Also is there a way to find out the percentage of properties in a zip code that are FHA financed ? Not sure if this is public record .
If you're in a hot market, FHA/VA can actually take a back seat to Conventional Finance offers. I couldn't view your profile - - where are you?
Also - - conventional programs have begun to rival FHA in terms of low-down payment (not so much credit score bandwidth).
I'm in Los Angeles so it's a pretty hot market . Interesting about conventional offering low down payment .
I didn't realize that . Of course the best would be to get a cash offer at a great price . But I'd rather deal with a financed offer if it means getting more money even if it means a longer closing time .
It's a significant portion of the starter home market.
203K loans are a whole different animal from regular FHA financing.
What kinds of things are wrong with the home?
Home was bought as an REO property back in 2010 .
I did some repairs and improvements when I moved in but then stopped figuring d
The main thing is a pool that I've never used .
Roof probably isn't in great condition but I've never had it inspected
A couple rooms need paint and one room needs flooring .
One toilet not working .
I wouldnt be surprised if there are more issues I'm not aware of .
Putting the flooring in and getting the rooms painted I should be able to do .
Still in process of moving things out and getting rid of things .
Just sold 3 homes in the suburbs of LA, all hot markets. Two of the homes were starter homes. One went VA the other a private loan (Asian folks). The other went conventional--in a higher end home area.
No FHA loans were in the offerings. Two of the houses would have qualified for FHA, one of the starter homes would not have qualified because the back driveway had a big crack in it that I did not want to fix. To fix it right, a big tree would have to be removed, including the roots causing the crack and a bunch of blacktop removed then new blacktop put down.
Interesting .. do you know what the requirements are for conventional as far as condition ?
There's still an appraisal with a conventional loan, and the appraiser is looking at preserving the structure & habitbility - no leaky roofs, no peeling paint, must have a source of heat, no obviously unsafe/unsanitary conditions. An FHA appraisal goes a little further in the "safety" & "habitbility" area, they're supposed to check a "representative" number of outlets for function, peek into the attic, etc. the truth is, the appraiser is likely to be the same dude for FHA or conventional & the lender is going to trust their word. So a plugged toilet or torn carpeting can kink your deal either way. If the appraiser notices that you don't have an anti-tip bracket on your stove, or see's the one outlet that doesn't work, he can flag it, even though he isn't required to, and the buyer's lender will want it fixed. So there's no downside to looking a house over hard for FHA standards - gfci outlets near sinks, ground-straps at the water-heater, etc. you'll get nicked for all the same stuff by a home inspector anyway, so it's most likely cheaper & easier to get it up to snuff beforehand and save yourself the aggravation and low offers that come with trying to sell in rough shape.
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