FHA related questions

[Teya Beradze]

Dear BP,

I am planning on purchasing a home via FHA loan. I have few questions and open to your advise and suggestions.

1. Those of you who had an experience in obtaining FHA loan, could you tell me what to expect and what not to, what to be aware of and the difficulties that might arise during the process.

2. Do you know if all FHA qualifies banks would approve for the same amount? the back I went to, to get an approval gave me $325k, but I need 375K. Unfortunately, I don't have enough asset to cover the difference. Any advise? suggestions?

Thank you in advance.

[Jeff F.]

@Teya Beradze

1. Those of you who had an experience in obtaining FHA loan, could you tell me what to expect and what not to, what to be aware of and the difficulties that might arise during the process. The inspections, etc can be a pain in the butt. As the government typically is, they tend to focus on the little things that - in my opinion - do not matter much, such as chipped paint. The apprasial process will likely be a hassle and they will report many fixes - many of them minor - that you may or may not want to worry about.

The seller could also choose not to deal with your offer because of this. 

2. Do you know if all FHA qualifies banks would approve for the same amount? the back I went to, to get an approval gave me $325k, but I need 375K. Unfortunately, I don't have enough asset to cover the difference. Any advise? suggestions? Find a cheaper property or check with different banks - some have a tighter window than FHA, some use the fha requirements straight from the book.