RealEstate
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Saturday, December 26, 2015
FEATURE:
Should home sellers reject homebuyers who plan to get FHA loans?
BY MARCIE GEFFNER BANKRATE.COM
Federal Housing Administration loans upon price. have a bad rap among home sellers • When the buyer chooses FHA and their listing agents. But is that because of its looser credit negativity deserved? Maybe. requirements. • When the seller has to make HOW FHA LOANS expensive repairs instead of selling THWART HOME SELLERS as is. • When the sale blows up because the • When the condo association isn’t on appraisal is lower than the agreedthe FHA’s approved list.
WHEN THE APPRAISAL IS LOW FHA-insured mortgages allow buyers to buy homes with less-than-perfect credit and small down payments. The minimum down payment is just 3.5 percent of the home’s purchase price. A small down payment, by itself, shouldn’t be a concern for sellers, says Rob McAllister, owner and broker at
West Seattle Mortgage in Seattle. But when you pair a small down payment with a low appraised value, the situation becomes more nuanced. A TALE OF 2 BORROWERS McAllister describes a situation where a buyer has enough cash for a 20 percent down payment, but the
appraiser says the house is worth 10 percent less than the negotiated price. If the seller refuses to reduce the price, the buyer can still pay the agreed-upon amount. In that case, the mortgage’s loan-to-value ratio is close to 90 percent, which the lender is likely to approve. But if the buyer makes the minimum CONTINUED ON PAGE 2
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