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Take Advantage of FHA; Spot Approvals for Condo Projects Not FHA

We have been beating this dead horse over and over, but we continue to be surprised by the number of Realtors who do NOT recognize the advantage of FHA financing.

The major advantages include: (1) Very small down payments of only 3.5%; (2) The entire down payment can be a gift; (3) FHA transactions can be “AS IS”; (4) Loan amounts up to $729,750; (5) Credit scores as low as 620; and BEST OF ALL: (6) We Control the appraisal process – we can choose the appraiser, and we have the best and brightest appraisers available for all of our FHA transactions.

There is no reason whatsoever for listing agents to be leery of offers with FHA financing. They should instead WELCOME FHA offers. They are more likely to close for a variety of reasons.

Also, many condo projects are NOT FHA approved, but that too is not a problem. We can, in most cases, get a “Spot Approval” for a single transaction. We are, in fact, very skilled at this procedure.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167