View Single Post
Old 06-03-2021, 06:23 PM   #5
WildCard600
Senior Member
 
WildCard600's Avatar
 
Join Date: Jul 2020
Drives: 2020 86
Location: Pepperidge Farm
Posts: 382
Thanks: 757
Thanked 624 Times in 257 Posts
Mentioned: 3 Post(s)
Tagged: 0 Thread(s)
Quote:
Originally Posted by ZionsWrath View Post
I appreciate your reply.
I wanted to find a forever home. Due to my personal situation and the market I just need to get something. I'm living in an airbnb right now.

So I plan to have this property ~5 years, less if possible depends on a lot of things I cant get into right now.



Not sure what you mean about 5% and payout but my contact is telling me FHA and USDA loans are basically out the window if you actually want to buy something in a reasonable time frame in an area you desire. Which lines up with the research I have done.
This sounds about right. I did my first home with an FHA loan about a decade ago. The time frame it took for the loan to move along the process could best be described as glacial.

Fortunately for me, it was during the deepest depths of the real estate crash and speed wasn't a priority. With the way things are right now houses are selling for 40%+ over asking price, sight unseen cash offers 4 hours after a listing goes live. Unless the place you are looking at is located beside an open air toxic waste dump next to the railroad tracks in the ghetto, it will probably be sold before you can even get someone to look at the FHA loan paperwork.
WildCard600 is offline   Reply With Quote