Posted To: MND NewsWire

The Urban Institute (UI) says it appears that the current sellers’ market is having a negative impact on government backed loans and the borrowers who need to use them. In an article posted on UI’s Urban Wire blog, Janneke Ratcliffe and Laurie Goodman write that, while soaring home prices and historically low inventories of available homes have been good for sellers, many of them are unwilling to accept offers backed by FHA or VA financing. In a recent survey of agents conducted by the National Association of Realtors (NAR) found 89 percent of sellers would be likely to accept an offer from a buyer with conventional financing, but only 30 percent if the buyer were using a government-backed loan. Six percent would not even consider such an offer. UI says that data collected through the Home…(read more)

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Source: Mortgage News Daily