LOL!! I fixed it for you!! I knew what you meant anyhow but gotta cover our bases these days don't we?? Not only watching out for the moderators but the monitors as well!!

 

Average price out here in the boonies is about 90,000 for a 2200 sq ft home and a brand new one built can be as low as 110,000 1800 sq ft. Had a friend just buy a huge log home on 5 acres for 73,000. Another friend got a gutted 2375 sq ft. home in town for 21,500 its huge and just needs to be drywalled and new windows... prices around here can go nowhere but UP!!!.

 

Besides all the great information already provided, www.bankrate.com has a wealth of information and advise.

 

Besides all the great information already provided, www.bankrate.com has a wealth of information and advise.

There is a lot of information to learn about buying a home and mortgages. Start consulting friends, coworkers for information too as they can talk faster than people can type.

 

Got rejected on another offer tonight, same money but the other party had a conventional mortgage and we had an FHA. For a program that's supposed to make it easier for first time buyers, I think it works against you. Our realtor said that since the offers were the same the guy went with the other one so that the FHA appraiser didn't come through his place, he must have had something to hide. Anyone here have any experience with the FHA appraisal process? Is it really that bad that it could be a deal breaker on a relatively sound house? I'm getting frustrated, we've seen 17 houses, four offers put in, two rejected due to other offers and two flat out ignored (both were on the same property).

 

From what I've heard FHA is VERY strict. Freind had an FHA loan and when he bought his they had to do alot of things to bring it to thier standards before they would consider it a "liveable home". It was all stupid things that NObody else has, uses, employs. Example I can remember that the lagoon had to be redesigned. Laggons are very common around here and most all are just a big hole that the waste dumps in to and breaks down. But this one had to be drained and the outlet had to be preforated line that ran across the bottom. yet it works exactly the same as mine has for 27 years and mine is just a line dumping into the pool. Same as his was before tehy made him change it.

There were several other things that had to be addressed first too, the cost really tallied up fast. My friend paid the owner to do the required work so he could get the loan for the place. Was stil la pain!

 

Thanks for the insight Matt. I'm going to look into all other affordable alternatives for us, but I have a feeling that we might be stuck with the FHA to be able to cover closing costs. Might be another year of renting and pissing money away.

 

VA and FHA have the same standards with appraisals. The policies are set up for the benefit of the buyer not the seller. The standards are a much stricter for these loans because many times first time home buyers will use them to purchase. The other reason is because the government backs the loans and they like to have way too much control.

 

Sorry to hear that fatman66. Hang in ther, itll work out. When the right house comes along itll happen. Just be positive. Didnt realize FHA had the potential to make things difficult. Might have to take into consideration in our situation. Good luck and good hunting.

Later,

Luis S

 

Keep us posted Luis. I always enjoy reading the outcome, and seeing pics of the new house!

 

I know when I sold my first home I figured it was going to go FHA because of the price and size of the home, small and inexpensive.

I had to have the buyer's home inspector come through and give me his "list" and then the FHA inspector came in and nit picked it to death. Drove me nuts. Plus I had to pay more fees at closing which traditionally the buyer pays.

It was a real pain in rear. I bought my first house with an FHA loan so I guess fair is fair but man I'll turn down an FHA loan, if I can, in the future when I sell my current home.

Good Luck FM...it'll work out....

 

Bro move a bit south of rod and build your own. I did and all thou it took time it is done and i owe no one nothing. just a thought. I bought 11 acres at first then built the house over a couple years. Then bought 54 more acres last year. If you have even the slightest knowledge of building capentry and some buds to help,, "do it" I knew almost nothing at the time but read some books and had some friends that did and i caught on quick.... Lots of work but its worth it in the end.. plenty of cheap land south of you.