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

The Three Types of Down Payment Assistance

One of the major arguments people have for renting instead of buying is the large upfront cost of a down payment. Depending on the type of loan program you apply and are approved for, this could mean anything between 3.5% and 20% percent of your purchase price.

Fixed Rate Versus Adjustable-Rate Mortgages

The two basic types of home loans are fixed rate and adjustable-rate mortgages. The mortgage market offers many other options to homebuyers, but these two are the most common, and the first pair from which to pick.

What Homebuyers Should Know About Appraisals

A key step in the mortgage process is the home appraisal. In the case of home purchase or refinance, this is a task that is almost always required by the lender, and it is important that potential homebuyers understand what, how, and why of a home appraisal.  

Make Your Home Energy-Efficient with the FHA EEM

The renewable energy industry is growing more and more every year, and many homeowners have implemented energy-efficient strategies in their homes. This can include programmable thermostats, solar panels, new insulation in the attic, etc.

Homeowner's Insurance - Why Do We Need It?

When buying a home, you have a list of things you need to do. Get pre-approved, arrange for a home inspection, and a few other tasks. One important thing on that list is shopping for homeowner’s insurance.

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