A Few Simple Tips to Help You Close South Carolina FHA Transactions

Reblogger Liz Loadholt
Real Estate Broker/Owner with Liz Loadholt- AgentOwned Realty- Covering SC

I certainly think this is great information for all real estate sales professionals. Thanks Melissa.

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Original content by Melissa Breeland
  1. Write your contracts clearly so they can be read by the Originator, Processor, Appraiser, Underwriter and Attorneys. Please provide all addendums and amendments to lender prior to ordering the appraisal
  2. Be aware that all health and safety related items will need to be repaired by a licensed contractor PRIOR to closing. Some exceptions may apply.   
  3. Looking at condos? Make sure they are on the FHA Approved Condo List BEFORE writing up a contract.   https://entp.hud.gov/idapp/html/condlook.cfm (Spot Loans are being done by some lenders.)
  4. Some basics:
    1. 3.5% down payment required (must be buyers own money, a gift from a relative or SC State Housing Down Payment Assistance or Family Services Grant)
    2. Seller can contribute up to 6% towards pre-paids, closing costs and reserves...none of which can go towards the buyers down payment
    3. This is a "full doc" loan (W2's, Pay Stubs, Bank Statements and verifications required)
    4. Home must be owner occupied
    5. Schedule closings for the end of the month to save on interest for your buyer
    6. If the contract or addendums mentions a CL-100 or Home Inspection lenders are required to review it and provide to the appraiser.

 

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Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

Liz:  I got a home inspection addendum I could not read yesterday.  Thank God the buyer's agent sent the home inspection report with the addendum.  I had to read his typed report to interpret her cursive handwritten addendum.  Not so professional.  If you have to go with pen and paper, at least PRINT.

Apr 29, 2009 07:52 PM #1
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Bruce & Mary Smith
Savannah Lakes Homes - McCormick, SC
REALTORS, Savannah Lakes Village McCormick SC

Liz - Thank goodness we get our faxes by email now.  The old fax machine copies plus the illegible handwritings made for some interesting contracts and addendums.  All those points are good - glad you reblogged! 

Mary

Apr 30, 2009 06:45 AM #2
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Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Chris Ann -- I don't know why some agents will use handwriting instead of typing --- and it's always the agents with terrible handwriting. Thanks for your comments.

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May 01, 2009 12:59 PM #3
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Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Mary --- glad you liked it.

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May 01, 2009 12:59 PM #4
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Liz Loadholt

Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC
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