Contrary to popular belief FHA loans are NOT carrying many areas of SD County

[GoUSC]

Correct, unless you get the LTV below 80% due to Capital Improvements (subject to appraisal of course) which we have done. The only caveat is that you can’t have it removed in the first 12 months.

[SD Realtor]

Agreed and had a few fha/va deals close this year. Two fo the FHA demanded a seconary appraisal but the deals ultimately got done. Now that the squeeze is on it is not so much that FHA loans are not going through as much as sellers are snubbing them. So you see many less closings because you see many less FHA offers getting accepted.

Furthermore none of the flipped properties will accept an fha loan because of seasoning.

So it is not that fha loans are not getting approved, it is that fha offers are getting punted in many cases.

[SD Realtor]

Agreed and had a few fha/va deals close this year. Two fo the FHA demanded a seconary appraisal but the deals ultimately got done. Now that the squeeze is on it is not so much that FHA loans are not going through as much as sellers are snubbing them. So you see many less closings because you see many less FHA offers getting accepted.

Furthermore none of the flipped properties will accept an fha loan because of seasoning.

So it is not that fha loans are not getting approved, it is that fha offers are getting punted in many cases.

[SD Realtor]

Agreed and had a few fha/va deals close this year. Two fo the FHA demanded a seconary appraisal but the deals ultimately got done. Now that the squeeze is on it is not so much that FHA loans are not going through as much as sellers are snubbing them. So you see many less closings because you see many less FHA offers getting accepted.

Furthermore none of the flipped properties will accept an fha loan because of seasoning.

So it is not that fha loans are not getting approved, it is that fha offers are getting punted in many cases.

[SD Realtor]

Agreed and had a few fha/va deals close this year. Two fo the FHA demanded a seconary appraisal but the deals ultimately got done. Now that the squeeze is on it is not so much that FHA loans are not going through as much as sellers are snubbing them. So you see many less closings because you see many less FHA offers getting accepted.

Furthermore none of the flipped properties will accept an fha loan because of seasoning.

So it is not that fha loans are not getting approved, it is that fha offers are getting punted in many cases.

[SD Realtor]

Agreed and had a few fha/va deals close this year. Two fo the FHA demanded a seconary appraisal but the deals ultimately got done. Now that the squeeze is on it is not so much that FHA loans are not going through as much as sellers are snubbing them. So you see many less closings because you see many less FHA offers getting accepted.

Furthermore none of the flipped properties will accept an fha loan because of seasoning.

So it is not that fha loans are not getting approved, it is that fha offers are getting punted in many cases.

[DWCAP]

[quote]the last 100 SFR sales in Carlsbad, Encinitas, Cardiff, Solana Beach, Del Mar, and Carmel Valley[/quote]

You must have a narrow definition of what “San Diego” is if these are the areas you are using. This is the nicest areas, and the most in demand, of the whole county, minus maybe La Jolla and Coronado. This area never was traditional fha territory, and didnt boom like the less expensive areas did. So it really isnt supprising that these areas are selling to higher monied buyers.

I am guessing that if the relators did the same analysis on Spring Valley, El cajon, National City, and Lemon Grove they would find higher rates than these numbers. And remember that RE is priced at the margin, so those few extra sales can make all the difference in where prices are going, ESPECIALLY in a crappy, no inventory market like we have now in San Diego.

[DWCAP]

[quote]the last 100 SFR sales in Carlsbad, Encinitas, Cardiff, Solana Beach, Del Mar, and Carmel Valley[/quote]

You must have a narrow definition of what “San Diego” is if these are the areas you are using. This is the nicest areas, and the most in demand, of the whole county, minus maybe La Jolla and Coronado. This area never was traditional fha territory, and didnt boom like the less expensive areas did. So it really isnt supprising that these areas are selling to higher monied buyers.

I am guessing that if the relators did the same analysis on Spring Valley, El cajon, National City, and Lemon Grove they would find higher rates than these numbers. And remember that RE is priced at the margin, so those few extra sales can make all the difference in where prices are going, ESPECIALLY in a crappy, no inventory market like we have now in San Diego.

[DWCAP]

[quote]the last 100 SFR sales in Carlsbad, Encinitas, Cardiff, Solana Beach, Del Mar, and Carmel Valley[/quote]

You must have a narrow definition of what “San Diego” is if these are the areas you are using. This is the nicest areas, and the most in demand, of the whole county, minus maybe La Jolla and Coronado. This area never was traditional fha territory, and didnt boom like the less expensive areas did. So it really isnt supprising that these areas are selling to higher monied buyers.

I am guessing that if the relators did the same analysis on Spring Valley, El cajon, National City, and Lemon Grove they would find higher rates than these numbers. And remember that RE is priced at the margin, so those few extra sales can make all the difference in where prices are going, ESPECIALLY in a crappy, no inventory market like we have now in San Diego.

[DWCAP]

[quote]the last 100 SFR sales in Carlsbad, Encinitas, Cardiff, Solana Beach, Del Mar, and Carmel Valley[/quote]

You must have a narrow definition of what “San Diego” is if these are the areas you are using. This is the nicest areas, and the most in demand, of the whole county, minus maybe La Jolla and Coronado. This area never was traditional fha territory, and didnt boom like the less expensive areas did. So it really isnt supprising that these areas are selling to higher monied buyers.

I am guessing that if the relators did the same analysis on Spring Valley, El cajon, National City, and Lemon Grove they would find higher rates than these numbers. And remember that RE is priced at the margin, so those few extra sales can make all the difference in where prices are going, ESPECIALLY in a crappy, no inventory market like we have now in San Diego.

[DWCAP]

[quote]the last 100 SFR sales in Carlsbad, Encinitas, Cardiff, Solana Beach, Del Mar, and Carmel Valley[/quote]

You must have a narrow definition of what “San Diego” is if these are the areas you are using. This is the nicest areas, and the most in demand, of the whole county, minus maybe La Jolla and Coronado. This area never was traditional fha territory, and didnt boom like the less expensive areas did. So it really isnt supprising that these areas are selling to higher monied buyers.

I am guessing that if the relators did the same analysis on Spring Valley, El cajon, National City, and Lemon Grove they would find higher rates than these numbers. And remember that RE is priced at the margin, so those few extra sales can make all the difference in where prices are going, ESPECIALLY in a crappy, no inventory market like we have now in San Diego.

[ctr70]

DWCAP….It may be a little more than north county coastal, but I wouldn’t be so sure the areas in east county and south county are as much fha/va as you think. There are a gazillion fha/va buyers in those areas too that cannot get an offer accepted b/c they are getting beat out by cash and 20%+ down. I know some well qualified VA people with 800 credit that have literally been trying for 2 years with dozens and dozens of offers!!! Plenty of cash and 20%+ down there too.

Also, the other area I researched all the sold’s in the last 6 weeks in great depth, condo’s in metro san diego, is not North County Coastal. And there were very few fha/va loans on the closed properties the last 6 weeks in this area. Mostly all cash and 20%+ down.

I also noticed that the few fha and va closed sales are going for inflated prices. The few fha/va approved condo’s have so many buyers that want them, they have to bid way above asking to have a chance.

[ctr70]

DWCAP….It may be a little more than north county coastal, but I wouldn’t be so sure the areas in east county and south county are as much fha/va as you think. There are a gazillion fha/va buyers in those areas too that cannot get an offer accepted b/c they are getting beat out by cash and 20%+ down. I know some well qualified VA people with 800 credit that have literally been trying for 2 years with dozens and dozens of offers!!! Plenty of cash and 20%+ down there too.

Also, the other area I researched all the sold’s in the last 6 weeks in great depth, condo’s in metro san diego, is not North County Coastal. And there were very few fha/va loans on the closed properties the last 6 weeks in this area. Mostly all cash and 20%+ down.

I also noticed that the few fha and va closed sales are going for inflated prices. The few fha/va approved condo’s have so many buyers that want them, they have to bid way above asking to have a chance.

[ctr70]

DWCAP….It may be a little more than north county coastal, but I wouldn’t be so sure the areas in east county and south county are as much fha/va as you think. There are a gazillion fha/va buyers in those areas too that cannot get an offer accepted b/c they are getting beat out by cash and 20%+ down. I know some well qualified VA people with 800 credit that have literally been trying for 2 years with dozens and dozens of offers!!! Plenty of cash and 20%+ down there too.

Also, the other area I researched all the sold’s in the last 6 weeks in great depth, condo’s in metro san diego, is not North County Coastal. And there were very few fha/va loans on the closed properties the last 6 weeks in this area. Mostly all cash and 20%+ down.

I also noticed that the few fha and va closed sales are going for inflated prices. The few fha/va approved condo’s have so many buyers that want them, they have to bid way above asking to have a chance.

[ctr70]

DWCAP….It may be a little more than north county coastal, but I wouldn’t be so sure the areas in east county and south county are as much fha/va as you think. There are a gazillion fha/va buyers in those areas too that cannot get an offer accepted b/c they are getting beat out by cash and 20%+ down. I know some well qualified VA people with 800 credit that have literally been trying for 2 years with dozens and dozens of offers!!! Plenty of cash and 20%+ down there too.

Also, the other area I researched all the sold’s in the last 6 weeks in great depth, condo’s in metro san diego, is not North County Coastal. And there were very few fha/va loans on the closed properties the last 6 weeks in this area. Mostly all cash and 20%+ down.

I also noticed that the few fha and va closed sales are going for inflated prices. The few fha/va approved condo’s have so many buyers that want them, they have to bid way above asking to have a chance.

[Author]

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