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.
See Your Credit Scores From All 3 Bureaus
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FHA Loan Articles

Buying a House When Supply is Low

Buying a house is overwhelming to begin with. Make it a seller’s market, and buyers become even more nervous. Supply of real estate has been low for most of 2021, in part because of the Coronavirus pandemic and the historically low interest rates since 2019.

Buying a Home in 2021 - It's a Seller's Market

No matter what kind of market you’re in, it is always best to get pre-approved before going to shop for houses. The last thing you want is to go look at homes, find the one you love, then have to wait on an approval and lose the dream home to another buyer.

Streamline Your FHA Loan Refinance

With the trend of falling interest rates since 2019, the number of mortgage refinances around the country has spiked and continues to rise. Borrowers with FHA loans can also capitalize on the low rates, but it may be possible to simplify the process with the FHA Streamline Refinance.

Do I Need an FHA Refinance?

Borrowers can choose to refinance for several reasons, but it comes down to prioritizing different benefits. One homeowner may want the lowest possible monthly payment, while another might want the shortest possible term for their loan.

How to Get Credit-Ready for a Mortgage

The FHA helps first-time and low-income homebuyers by having lower down payment requirements for its borrowers. Despite this lower credit eligibility criteria set by FHA, it is important to remember that FHA-approved lenders can set their own requirements

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