sdr, Thanks for the advice. I’ve been involved with So Cal Real Estate for over 25 years.
I’ve dealt with my share of ignorant mortgage and RE agents, there is no shortage of either.
There are some sellers that might believe that a larger down means a stronger buyer, but that is nonsense. Not all sellers are that stupid. They get their money at closing regardless of the down payment.
I can provide approvals and get loans done quickly for strong borrowers. It’s ignorance that makes people think that a larger down is a better offer.
sdr, you already mentioned that you have had buyers in escrow for ages, while I am closing loans in a couple of weeks.
Many agents are absolute idiots, as well as many mortgage people are. Get a good agent and a good mortgage person together and deals will happen quickly.
The generalizations that are thrown around mislead strong borrowers like Scarlett to believe that they need to pay a higher price that they really need to.
Scarlett, you need a good agent that can represent you, and I don’t believe that you need to overpay to compete with a larger down offer.
Are you being told that your higher offer will get trumped by a lower offer with a larger down payment ??
I’m sure it was a REALTOR that told you you will have to pay more to compete…
FHA and FNMA loan limits have changed, they have gone down. You can qualify for more than you want to borrow.
I hope that you are getting good advice about your loan options, but it doesn’t sound like it. You are a strong borrower, even with a low down.
I imagine that it is a REALTOR telling you that you aren’t a strong buyer ??
GIVE ME A BREAK….
