I LOVE FHA.  I’m thinking of buying FHA some flowers and candy taking FHA to the movies.  If things work out I’m leaving my wife and moving in and having FHA’s babies.

I have several buyers I’m working with now in various stages from “looking” to “in escrow” who’ve been approved for FHA loans by my lender, Linda Spafford.

I have to admit, I haven’t been this excited about helping people own homes in awhile, and my buyers are loving the world, too.  One of them called me the other day and left me a voicemail that said, “I just wanted to call to thank you and tell you how excited I am.” 

That’s not bad.  At the end I also get paid.  But that’s not bad!

What’s even better is what she’s thanking me for.  See if this scenario would work for you:

• She’s buying a bank-owned home down in the same neighborhood as the home she’s renting now, and it’s comparable in size and age.
• Her monthly mortgage payment (principle / interest / tax / insurance) is going to be less than what she’s paying now in rent.
• She put 3% down, which she got from a relative (gift money).
• The seller paid most of her closing costs, so she only needs to bring in about $600.00 more to close.
• The interest rate we don’t know precisely yet because it isn’t locked, but there’s a good chance it will be under 6%.  Linda could get you a current APR estimate.
• 30 year fixed loan.  No pick-a-foreclosure option-ARM nonsense.

Now what’s really slicker than frog hair about that is not so much that we did that once.  That might have been a fluke.   But Linda just got some other buyers I’m working with approved for the same program.  Their rent is about $700 higher, in a different neighborhood.  But I talked to them tonight and sure enough, there are some bank-owned homes in their neighborhood that are priced well enough that they too have the opportunity to buy a home in their neighborhood for about what they’re paying in rent — maybe even less!

Anyone want to guess who I have to go meet on Sunday?

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