Unconventional mortgage?

Discussion in 'Teacher Time Out' started by engineerkyle, Aug 25, 2014.

  1. engineerkyle

    engineerkyle Companion

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    Aug 25, 2014

    Hi All,

    We just got an offer on our house. The buyers are applying for an FHA loan. They have 10% down and our house will be PENDING for 30 days while the loan goes through.

    I’m thinking of not even countering. Do most FHA loans go through?

    Thanks,
    Kyle

    See my other projects at
    engineerkyle.com
     
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  3. vickilyn

    vickilyn Multitudinous

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    Aug 25, 2014

    Your agent should have some idea - they see lots of applications.
     
  4. teacherintexas

    teacherintexas Maven

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    Aug 25, 2014

    Were they pre-approved? I agree with asking your agent. They'd know what's typical.
     
  5. Caesar753

    Caesar753 Multitudinous

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    Aug 26, 2014

    Yes, talk with your agent. Given the struggles you've had selling your house, I'd be inclined to accept the offer and move forward.

    Is an FHA loan considered an unconventional mortgage?
     
  6. vickilyn

    vickilyn Multitudinous

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    Aug 26, 2014

    My mom sold real estate, and if the application (debt, credit history, references, down payment) looked good, it is a great way to buy a house, like VA. Mom's gone, but I doubt that has changed.
     
  7. Emma35

    Emma35 Connoisseur

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    Aug 26, 2014

    We just sold our house and the buyers used FHA. No problems at all. It was very quick and easy. Didn't notice any difference at all from conventional mortgage.
     

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