North Center Chicago (Photo Eric Rojas, Broker, Kale Realty)
We have personally seen less FHA loans used by our buyers and those buying our listings over the last few years. Tighter credit restrictions and cheaper conventional loans made FHA less attractive. We also had a larger average transaction price over the past few years. Bloomberg is reporting first time buyers and those with past credit issues (short sales) are being helped by FHA loans again in increasing numbers.
In 2010 we chose an FHA loan to hold on to more cash for immediate home renovations. We have since refinanced into a conventional. I have worked on all my loans with Steve Dunnet of Blueleaf Lending SDUNNETT@BLUELEAFLENDING.COM