Loan preference is shutting some FHA-backed buyers out of Philly area’s hot housing market

 Loan preference is shutting some FHA-backed buyers out of Philly area’s hot housing market

Norma Eason always wanted to buy a home and believed that, now, she was ready.

The 31-year-old bolstered her savings and researched home buying. Eason, a custodian at the University of Pennsylvania, and her husband, who works in construction, got preapproved for a loan backed by the Federal Housing Administration. They started their search in March for a place for them and their four young children.

Their first bid on a house got rejected. So did their second and third.

“It’s depressing, but you gotta keep going,” Eason said. “It’s very challenging. Because you have so many people out there looking for a home right now.”

» READ MORE: Supply of homes for sale around Philly is predicted to stay low for a while

Her real estate agent suggested she pay down some credit card debt to raise her credit score and improve her financial position as a buyer. Eason already was close to qualifying for a conventional loan, so to raise her…

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