I heard yesterday at a FHA seminar I attended (yes, after 38 years I'm still trying to figure out this business) that FHA loans are expected to finance 80% of new purchases. Wow, good news for me, just like the old days. Below are few Government lending tips: For those of you who remember FHA from the old days, FHA is now much kinder and gentler. Agents presenting REO purchase offers should assure the bank that FHA no longer requires extensive repairs and termite reports are not mandatory although health and safety hazards must be addressed. FHA loans take no longer to close than a conventional loan with the same buyer. FHA 203k Rehab loans take care of repairs over $5,000 and average 45 to 60 days to close because of dealing with construction bids. The repairs begin after close. U...
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