Expert: Dottie Worthington - 7/26/2008

Question
QUESTION: Have a funny question.  We have been approved for a FHA loan, found a house that is FSBO, turns out to be a DW mobile home.  Owner does not know what qualifications he needs to see if this house will go FHA.  The realtor we are dealing with we signed a contract with so are tied to her, even though we don't get along at all.  Things we have looked at she says "oh no will not go FHA". So I would like to know qualifications for a house/ mobile home to go FHA before we start dishing out money.

Thank you,
Jeannie

ANSWER: Your mortgage officer should be able to print those guidelines out for you. Ask your REALTOR, also to do that. Since you are paying her and she represents you. Unless this is in a place where you really want to be, I would buy a brick home or similar, they have much better resale value.

---------- FOLLOW-UP ----------

QUESTION: We didn't use a mortage broker, we went straight thru bank.  Our realtor says she does not know.  So please help me.  We are looking to breaking the contract with our realtor and find one that suits us better.

Answer
If the bank is making you an FHA loan. They are required by law to give you the guidelines. As some of those guidelines vary from state to state, It is best to get them from your bank that is making the loan. That is their job, and the job of your REALTOR. If your REALTOR has signed a buyers agreement with yiu, then she is bound to get this info also.