Margaret Rome's Blog

head_left_image

Myth: Don't Accept An FHA or VA offer.

 

 

With FHA appraisals...the main concerns have to do with safety...cracks in sidewalks that could be a trip hazard, chipped or peeling paint, lack of handrails and broken windows. And of course blatant neglect with signs of water penetration, roof leaks, and obvious mold.

These concerns can easily be addressed at the listing appointment. Agents can and do educate and hopefully alleviate the myths.  VA loans seem to really want to help the veteran, not make it more difficult. Having a good lender and a knowledgeable Realtor® to educate and explain the nuances of the different kinds of financing is most important. There are plenty of deals that can be successfully completed with government loans. 

Now a condo not approved for FHA...that is a different story. With simple research, this can be found out at the time of listing. So if you know your buyer can only go with a government loan...this may not be the best choice. With a really good lender, the buyer may be able to qualify for a conventional if they really want a particular condo.

 

FHA VA

 

Please don't assume that an FHA or VA loan is not the right one.

 

Questions about buying or selling a home

Call Margaret Rome

 

Margaret Rome

 

 

 Search All Active Listings

 

Sell Your Home With Margaret Rome

Broker-Owner HomeRome Realty 

signature

 

 

Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

 

 
Comment balloon 19 commentsMargaret Rome, Baltimore Maryland • December 21 2018 07:55PM

Comments

We have zip for FHA approved condos here at any price...sadly not an option.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) 9 months ago

Excellent advice, Margaret Rome, Baltimore Maryland . As you said the listing agent needs to discuss all the financing challenges the property might face.

Hope all is well with you.

Posted by Mary Yonkers, Erie/PA Real Estate Instructor (Alan Kells School of Real Estate/Howard Hanna Real Estate) 9 months ago

Our market area has just changed for condo's we have some FHA qualified lender's available. Thanks for sharing.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) 9 months ago

Sally K. & David L. Hanson We do have a few condos that are approved. Just need to check the list.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 9 months ago

Mary Yonkers Yes, it is not pleasant when you ratify a contract that cannot be financed. Always good to see you.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 9 months ago

Pat Champion It is important to know which condos are approved.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 9 months ago

Margaret Rome, Baltimore Maryland  So true .  It can be a nuisance it does depend on who your appraiser is and how much work has to be done . Many condos are not  FHA or Va approved  .Agents should check before not after showing

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 9 months ago

When I was first licensed in 1981, the country was in deep recession, and interest rates  my first year in the business were 18%.  My office was located close to Mather Air Force Base, and many of my clients were active Airmen, or retired military.  In my first couple years, my sales were usually with existing mortgages being assumed or taken "subject to."   However, when interest rates began to drop a bit, I found almost all sales were either new VA or FHA loans.  Yes, there can be more stringent requirements for property condition with government loans, but that is no reason for sellers to not consider selling when that type of financing is being considered.  Like I have told my clients in the past.  A full price FHA or VA loan can just as easily be equal to a low ball conventional loan sale, on the botton line of a net sheet.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 9 months ago

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 9 months ago

Hannah Williams If only..." Agents should check before not after showing"

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 9 months ago

Thanks Myrl Jeffcoat For the feature in the OFC. Good comment.. would make a good blog post.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 9 months ago

HI Margaret Rome, Baltimore Maryland - I don't see many VA or FHA loans in Sedona. In fact, I can't recall the last one I have had. 

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) 9 months ago

So true. I've had buyers successfully purchase single family homes with both FHA and VA. Purchasing condos though is definitely trickier. Most condos around here are not FHA-approved.

 

Posted by Kat Palmiotti, The House Kat (406-270-3667 (MT), 914-419-0270 (NY), Broker in NY with Grand Lux Realty and in MT with (coming soon!)) 9 months ago

Good morning Margaret. You know what they say about "assume"! So many times it fits when people downplay FHA and VA. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 9 months ago

We closed listings this year with VA and FHA loans, I told the sellers, we have nothing to fear - your houses are in good shape. It's only when there really is a problem that it's an issue. Oh, and yes, condos that don't fit the FHA requirments of ownership percentages, budget, reserves etc. But those are also designed to protect buyers. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 9 months ago

Sheri Sperry - MCNE® Good to see you.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 9 months ago

Kat Palmiotti Sometimes you have a condo reviewed for FHA approval. Many times it's just not worth the hassle. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 9 months ago

Wayne Martin I do know, very well, what the word, assume, means.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 9 months ago

Debb Janes EcoBroker and Bernie Stea JD It is up to the Listing agent to educate the sellers up front.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 9 months ago

Participate