After about 6 property tours searching for a very specific type of home, one of my clients finally fell in love, however during the property search, the home was put under contract. A few days later the contract fell through and I notified her that the house was back on the market. Needless to say, she was excited. We were informed that there was already one other offer on the table, so we put in an offer for full price. The next day, the listing agent called me and informed me that the seller had decided to go with the other home offer, due to the fact that the buyer was able to have a conventional loan, even though we offered a higher price.
This is just another example of the challenges with buying property using an FHA mortgage as opposed to Conventional. Using FHA may save on fees, but it certainly makes for a much more challenging home buying process.
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