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Do realtors hate people looking for FHA approved houses?
Why is it that my old realtor did virtually nothing to help me find the house I want. Now when ever I e-mail a listing realtor about a house I find they e-mail me back right away unless I ask if it will qualify for an FHA loan then even if the answer is yes they take for ever to respond. Is a person looking for a home that is going to get an FHA loan permanently marked on there forehead or something? what is the problem?
I am prequalified, have no debt, I just don't have very much credit. I am only asking about houses that are well below my limitations and still no one seems to be giving me the time of day.
thanks debdeb for your honesty, they are not turniong me away they just aren't giving me ANY effort, so your input is what i was fearing i am a pain
4 Answers
- ?Lv 71 decade agoFavorite Answer
I haven't been an agent for a long time, but back in the early 1990s, FHA loans were always a pain in the you-know-what. Something always came up in the inspection that had to be fixed, usually the roof which can be a pretty big deal, and there were other weird things like the insides of closets being painted and something about the floor under the bathtub. If I had multiple contracts, I would hope the seller would choose the conventional over the FHA because it was less trouble for me. On the other hand, I would never turn away an FHA buyer, and I can't imagine an agent in this tough market doing that.
- RandyLv 61 decade ago
FHA loans are generally for those with less than perfect credit. Unless you are prequalified for a certain amount, FHA or not, a realtor in these tough times is going to spend more time with a qualified applicant. It would be best, before you go looking, that you get an idea how much you can spend. (Go see a mortgage broker instead of a bank). Once you are prequalified, and realtor can help you with any house because all the houses are generally in the MLS (multiple listing service). So the one that answers the phone last, looses. YOU will then be in control. Don't beg for anything once you are prequalified. YOU decide what you want.
Source(s): I have owned 3 houses. - Glenn SLv 71 decade ago
No....realtors don't hate people that use a FHA loan.....just the opposite. FHA loans are the very easiest to get in this market requiring the lowest FICO score, the smallest downpayment, and the highest debt to income ratios.
In my area 85%+ of owner occuptied buyers purchase using an FHA loan. Once again the FHA loan has become the loan of choice for home buyers.
FHA loan limits for my area are $729,750. Hardly chump change. The commission on a property in that range is about $22,000.
- LandlordLv 71 decade ago
They hate them because it is almost impossible to get a seller to accept a FHA offer, with cash offers and conventional offers getting all the bids.
The commission is the same with the realtor, just the odds of getting you to closing on a house are much slimmer.
