Twelve offers, three times under contract, two different lenders, a full ream of printer paper and I have FINALLY purchased my first home!
I started the home buying process in December of 2012. I first chose my lender to see what I could qualify for and gathered the millions of documents needed to get that final number. By January, I had gotten approval for $150,000 – that certain ‘sweet spot’ under $200,000 that is FLYING off the market right now in Northern Colorado. To boot, I could only qualify for FHA lending.
Let’s not forget, I work for the MLS, so I look at listings all day, every day and have the same access as agents to browse properties as soon as they hit the market. I would manually run searches in addition to my automated searches, frantically looking for the right place for me. I would call my agent on many properties that claimed to be FHA approved only to find out they were incorrectly listed on the MLS!
Do you know how FRUSTRATING that is? Accurate information was something that could have eliminated many of the twists and turns of this roller coaster ride. The inventory was so low that as soon as a property was listed, it would be under contract within hours. This was especially true with FHA approved properties because so many buyers are in the same boat and not able to obtain conventional financing.
I ended up having to go with another lender that was able to offer me a conventional loan with a 3% down payment. (I was finally able to save enough money because this process took much longer than expected!) It opened up my options significantly and it turns out the twelfth offer is a charm and I finally closed in May 2013!
I fear that I would still be looking for a home if I had to go the FHA route. I have learned firsthand that it is vital for listing brokers to take the time to input not only as much information as possible, but also the most accurate data possible. Entering listings on the MLS is all about cooperating, so we urge you to call the HOA, a lender, or look at www.HUD.gov to make sure a property is really FHA approved before you choose that feature in IRESis. It could make a big difference for a prospective buyer, the seller and you!
Help us out by confirming FHA is truly an option before selecting the feature on IRESis.com. As always, thanks for your cooperation.