I recently sold a home in Beverly Hills Post Office where the buyer purchased the property with an FHA loan. The buyer first attempted to get a conforming loan but when it came time for the appraisal, the process was much more difficult then expected. The mortgage broker was not sure the buyer would get a conforming loan because of the appraisal. Being so, they explored the option of obtaining an FHA loan, where the down payment would be much less and the appraisal process would be a little less rigid. With the limits of FHA loans now at 729,750 that allows for many more buyers to utilize FHA loans. For a first time homebuyer with lending requirements being so conservative this loan may be the loan for you.
If you’re a buyer or seller in today’s rapidly changing market it is crucial that you have an experienced realtor, mortgage broker, appraiser, and home inspector. All parties representing the buyer or seller should be well informed in their area of expertise.
Good luck out there! If you're looking for a realtor or referral in your local area just give me a call.
Connie De Groot
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