FHA And VA Loan Buyers Struggle To Compete For Homes

 

FHA, VA and other government-backed loans are often favored by first-time and low-income buyers.

But in bidding wars, cash offers or conventional financing seem less problematic to sellers.

While 89% of sellers say they’re likely to accept an offer from a buyer with conventional financing, only 30% would be willing to accept one using a Federal Housing Administration (FHA) or Veterans Affairs (VA) loan,

 

The average time to close on an FHA or VA purchase loan in the first three months of this year was 57 and 58 days, respectively, compared to 51 days for conventional loans.