Quote Originally Posted by Pax View Post
Our realtor told us recently (we were looking into condos), that condo loans can no longer be FHA, so finding qualified borrowers with 20% down for a conventional loan is becoming a huge challenge. Our best bet is to stay in our house until the market straightens out a bit. *sigh*
I wonder why FHA is getting out of the condo market.

What scares me in my current home is our town is just rather small. Even during a "hot" period, I doubt a lot of homes were bought and sold. So, it will take that much longer for the market to recover. Ugh. I'm never going to get out of Franklin, Indiana.

The further irony in this: When bought the house, we could not talk the sellers down from their fantasy price. So, we made an offer that was contingent on the appraisal in that we agreed to pay up to a certain amount if the seller agreed to sell us the house down to a certain price. If the appaisal came in below that price, the seller had the option of walking, but he had to reimburse us for out of pockets. In making that offer, we had poured over the few available comps and felt that we knew what the house was "worth." This was right after the new appraisal rules had gone into effect, so we felt confident about how this would play out. As it turned out, the appraisal came back exactly--to the dollar--where we thought it would, and we got the house for exactly what we had offered in the first place (and the seller's had initialy rejected as "insulting."). Sometimes the comps work in your favor; sometimes they don't.