New to Real Estate · Palmyra, NJ · Member since 2020 · 12 posts · 6 votes
Ideally, I would like to purchase a $150k home/condo with an FHA loan. Live in it for a year while renting out my current primary residence. I expect to be in a position to apply for a FHA loan within 60 days. Are FHA loans even an option with the market the way it is? Meaning, do sellers go through the process of making a property FHA approved when most people seem to be paying cash for properties these days?
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
3y
If you would have asked me 12-18 months ago, I would have said no. Now, however, we're doing them all the time. When there were 20-30 offers over ask on properties a few months ago, FHA was way down the pecking order. Now the market has normalized a bit and we're seeing FHAs becoming accepted by sellers again.