Real Estate Firms that work with FHA buyers.

Hi All – Happy Monday!  We are FHA buyer’s looking in Brooklyn and are curious if anyone has had any recent success with an FHA purchase of a home and some recommendations for who to work with in regards to realty companies.  I have been told a LOT of stuff from a LOT of different sources but no one that has just been through the process.  I heard that Corcoran won’t work with FHA buyer’s – anyone know of companies that will based on your experience? Thank you!

blue1892

in Plumbers and Plumbing 12 years and 2 months ago

4

Please log in, in order to post replies!

4 replies

Newest Oldest

bedstuytownhouse | 12 years and 2 months ago

string(1) "1"
object(WP_User)#4917 (8) {
  ["data"]=>
  object(stdClass)#4874 (12) {
    ["ID"]=>
    string(4) "5144"
    ["user_login"]=>
    string(16) "bedstuytownhouse"
    ["user_pass"]=>
    string(34) "$P$BBnz.Fab/ro0nVxPBVpsVEAzT.g3Gs0"
    ["user_nicename"]=>
    string(16) "bedstuytownhouse"
    ["user_email"]=>
    string(26) "andreaetienne228@yahoo.com"
    ["user_url"]=>
    string(31) "/forums/users/bedstuytownhouse/"
    ["user_registered"]=>
    string(19) "2007-11-16 03:10:38"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(16) "bedstuytownhouse"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(5144)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

We bought FHA 2.5 years ago in Bed Stuy and the process was really lengthy because we bought from investors who bought our house on the court house steps…we had a contract two weeks after they bought at auction for double what they paid so we skipped the “seasoning” process and they did not do a thing to the property.  As long as you avoid this situation, you should be fine and we bought through Corcoran.

emilyfrances | 12 years and 2 months ago

string(1) "1"
object(WP_User)#4916 (8) {
  ["data"]=>
  object(stdClass)#4915 (12) {
    ["ID"]=>
    string(6) "177089"
    ["user_login"]=>
    string(12) "emilyfrances"
    ["user_pass"]=>
    string(34) "$P$BaLk8/E.jrqnKaT02cIb9aYCaD1ZJh."
    ["user_nicename"]=>
    string(12) "emilyfrances"
    ["user_email"]=>
    string(23) "emilyfjohnson@gmail.com"
    ["user_url"]=>
    string(27) "/forums/users/emilyfrances/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:16:50"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(12) "emilyfrances"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(177089)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

We started with Prudential Douglas Elliman and are now working with Corcoran.  Both were happy to help with our 203K loan (an FHA product) house search.

mortgagepro | 12 years and 2 months ago

string(1) "1"
object(WP_User)#4912 (8) {
  ["data"]=>
  object(stdClass)#4918 (12) {
    ["ID"]=>
    string(6) "176946"
    ["user_login"]=>
    string(11) "mortgagepro"
    ["user_pass"]=>
    string(34) "$P$BIapD2133mdcyoC4s3n0WuO3baxZ4h/"
    ["user_nicename"]=>
    string(11) "mortgagepro"
    ["user_email"]=>
    string(28) "adamr@southshoremortgage.com"
    ["user_url"]=>
    string(53) "http://bstoner.wpengine.com/forums/users/mortgagepro/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:15:50"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(11) "mortgagepro"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176946)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

A Realtor who will not work with a buyer who is approved for FHA financing is either naive or knows that the majority of their listed properties would not meet FHA guidelines due to a deficiency in meeting FHA guidelines.  FHA appraisal guidelines are a bit more stringent, have a few additional items requiring satisfactory condition  (i.e. no peeling paint, downspouts directing water away from the foundation, etc), compared to conventional appraisal guidelines.  But a property requiring minimal or no repairs would not pose an issue to qualify for FHA financing. On 3-4 Family properties, there are also specific FHA guidelines regarding the rental income and its relation to carrying the property.  (This does not apply to 1-2 family.) However, a borrower can be qualified and as long as the collateral is acceptable FHA financing is readily available with very quick turn times (i.e. no longer process than conventional financing). Adam Roberts  South Shore Mortgage  adamr@fast2fund.com
.

nalusurf | 12 years and 2 months ago

string(1) "1"
object(WP_User)#4917 (8) {
  ["data"]=>
  object(stdClass)#4919 (12) {
    ["ID"]=>
    string(6) "176812"
    ["user_login"]=>
    string(8) "nalusurf"
    ["user_pass"]=>
    string(34) "$P$B3EsFpsqLLNliF0qOma5D0JRgCjxE11"
    ["user_nicename"]=>
    string(8) "nalusurf"
    ["user_email"]=>
    string(23) "peterh.walter@gmail.com"
    ["user_url"]=>
    string(23) "/forums/users/nalusurf/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:25:48"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "nalusurf"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176812)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

We recently closed on a property about a month ago and it was with an FHA loan.  However, going into the deal we were originally a conventional loan.  About midway through the closing process we had to switch to FHA, much to our disapointment (hate PMI!!).  Our Realtor did not seem to have any issues with it, however, the seller was not happy.  The problem with FHA loans is that they can really slow down the closing process, so in that respect it may be more the seller having issue rather than the Real Estate company.  We used Ideal Properties.