Don't get me wrong; I love FHA. Without it, most buyers could not get loans. But it is certainly a new world. Two weeks ago, my clients fell out of escrow on a Burbank house they were purchasing because it would not appraise for the purchase price -- and FHA is very strict about the comparables used. This is a good thing, but was very disappointing for the buyers. Last week, some other buyer clients learned they had to pay FHA PMI up front at closing. Big, unpleasant surprise for us all. And now, another client couple has learned that the house they want to buy has a really bad roof -- rightfully, an FHA no-no. A good thing to know, but also a wrench in the works. Stay tuned.
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