I can remember a year ago when FHA loans were all the rage.
At the time they were 3% down. Wow what a market stimulator they were.
But that was then.
Now it seems that FHA loans have become the red-headed step child as far as sellers are concerned as they seemed to have deflated like a rushed souffle'.
The FHA requirements are seeming at times to be "prudently persnickity".
I'm seeing more and more MLS listings just flat out stating "NO FHA LOANS" because they already know the property will not pass an FHA inspection, or they just do not want to find themselves weeks into the escrow only to find they buyer's lender has a "problem" with the FHA loan.
And in a multiple offer situations, sellers and banks seem to zoom right in on the all-cash and conventional loan offers, and kick the FHA offers to the curb like on old tin can.
I did see something called "Homepath" financing on one listing today that again stated "NO FHA", but offered this 3% financing with no PMI and NO appraisal fee.
OK, lending totalitarian establishments.
I think we need some new types of loan packages.
Oh, and aren't you impressed that I knew how to spell souffle'?
WooooHoooh!!
