Did You Know?

FHA loans are one of the best options for young, first-time home buyers who have not had as much time to save for a large down payment or establish a high credit score.

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Are You Ready To Make An Offer To Buy A Home?


Are You Ready To Make An Offer To Buy A Home?
Buying a home with an FHA mortgage is a major life decision, and preparation is essential before you start house hunting or consider making an offer on a property.

How to get started? In the early stages, establishing your budget and how much work you need to do on your credit is key. But once you have gotten past the initial phase of that planning you’ll want to consider the house itself and what you want from it.

You can get started by writing down your dream home’s must-have features. What size house do you want? How many bedrooms? 

Do you need to be near schools, childcare, or major interstates? Separate your non-negotiables from what you feel more comfortable negotiating or haggling over.

Research the market you want to buy in. Consider analyzing recent residential real estate sales of similar properties in the area to determine a reasonable value for the home you're interested in. Online resources like Zillow and Realtor.com can be helpful.

Key Factors Before You Make An Offer To Buy With An FHA Mortgage

Ask yourself the following questions before you approach a home seller.

Is the home I want within my price range, and how much more or less is the sale price than the pre-approval amount?

What’s the first impression of the condition of the property? Does it look like it needs work, or is it pristine and in excellent condition?

If you haven’t decided on a specific property type, do the homes you have seen to date lack something important? For many borrowers, issues that seem minor early on become major headaches later, depending on the problems.

Your First Offer

It’s easy at first to consider your offer to the seller as your “best offer,” but real estate negotiations aren’t always that simple. Consider your initial offer as an opening statement. 

That may lead to negotiation with the seller, but doing so is worth the hassle. According to many sources, “Flexibility is key.” Buyers go into the process willing to compromise on some parts of the home-buying process to make the sale more attractive to the seller.

Know your limits and be prepared to walk away if the deal starts to become unreasonable. That said, know WHEN and HOW you are legally permitted to walk away before you make any offer.
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FHA Loan Articles

FHA Loans, Appraisals, and Excess Land

Sometimes when buying a home there may be a question of surplus or excess land. You likely won’t face this issue when buying a condo unit, but for other types of purchases, this may be an important factor in the appraisal process.

FHA Loan Income Rules to Consider Before Applying

Your lender is required to make sure you can realistically afford your mortgage, and that means verifying that your income is stable, reliable, and will continue after your mortgage has closed. What some don’t realize about this process is that there are standards for verifying income.

Can Rental Income Be Used to Qualify for an FHA Mortgage?

FHA loan rules for single family purchase loans include guidelines for the lender to use if the applicant has rental income. Some want to know whether it is possible to qualify for an FHA mortgage using rental income. The real issue is whether the rental income meets FHA loan rules.

Questions to Ask About an FHA Home Loan Before You Apply

Planning your FHA loan means asking some important questions early in the process.  The most obvious question is associated with the type of home you want. How large a house do you need? FHA mortgages allow the purchase of homes with between one and four living units.

Planning and Saving for a New Home

There are tons of reasons why people decide that they’re done with renting and start looking into buying a home. Whatever your reason, deciding to buy a home is a big step, and one of the most daunting aspects is saving up enough money for the down payment.

FHALoan.com is not a government agency. We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. Neither FHALoan.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. We do not ask users to surrender or transfer title. We do not ask users to bypass their lender. We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors.

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