SOme properties on the Multiple Listing Service will say that a property does not qualify for an FHA loan because it is a fixer-upper or foreclosure. The good news that we are hearing is that FHA is now treating those loans like conventional loans and are loosening their rules on repairs, etc. So if you don't have the 20% down for a conventional loan, go to your lender and apply for an FHA loan where you only need 3.5% of the purchase price plus your closing costs. Talk to your realtor today and first time home buyers, don't wait; you need to close by October 31st to get the $8,000 tax credit. We are hoping it will be extended; waiting on the word. Also, first time buyers means you could have owned a home in the past, just not in the last three years. There are also assistance programs. We cover Hernando County (Brooksville, Spring Hill and Weeki Wachee) and we are busy with buyers who are taking advanage. Take advantage while you can and as Team Tropic says "Don't Let The Sun Set On Your Dreams".
