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Are FHA loans bad?

WHy do some sellers get all weird about FHA loans? by rhavyn275 from Bixby, Missouri. Oct 14th 2019 Reply


Bill Tottleben (BillTottleben)
#1 ranked lender in Missouri - 15 contributions

FHA loans are not bad at all.If a seller feels weird about an FHA loan, it is because they lack understanding.If you are interested in getting a pre-approval for an FHA loan, please contactme............bill@tottleben.com or bill.tottlebenhtlenders.com/stlouisI will be happy to answer any of your questions.Thanks

Oct 14th 2019
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Bill Tottleben (BillTottleben)
#1 ranked lender in Missouri - 15 contributions

correction...bill.Tottleben@htlenders.com/st.louis

Oct 14th 2019
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Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 597 contributions

I agree with the previous answer. FHA loans are regulated by HUD which is connected to the government. There are some people out there who have very little understanding about FHA loans. I have helped many people purchase or refinance a loan with an FHA mortgage over my thirteen years as a mortgage loan originator. You can reach me directly by phone at 816-739-6279 or by email at sara.deere@mottomortgage.com.

Oct 14th 2019
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,092 contributions

FHA loans have been around since like 1934, and are one of the most popular loan options, especially for first time home buyers. If they were 'bad' they wouldn't be popular, and surely wouldn't have been around this long. There are a lot of misconceptions by a lot of people over FHA loans, especially Real Estate Agents who incorrectly put fear into both buyers and sellers about FHA loans. The only real difference on an FHA loan versus any other loan from a seller stand point is that FHA has a little stricter requirement for the current condition of the home that may possibly require the seller to fix prior to closing, so agents all get bent and put fear into sellers about accepting FHA offers. The most common repair is simply peeling paint on homes older than 1978. FHA requires that be be fixed, whereas most other loans don't. Real Estate Agents also have an unrealistic belief that because someone is putting down just a small down payment, that somehow the odd's of the loan closing are lower... FALSE by a long mile. A proper pre-approval, regardless of loan type or down payment size, all have the same odds of closing. Again, there are many false beliefs, but FHA loans are awesome loans and a great financing tool for millions of people. I offer FHA loans, and pretty much all loan type in MN, WI, and SD. I can be reached at JoeMetzler.com (NMLS274132)

Oct 15th 2019
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