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I need to know if I am looking at the right homes to quailied for FHA. How do I know if two many rep

How do I know if a property is in need of to many repairs for FHA
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June 13 2009 - Saint Charles
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If it does not pass FHA inspection (appraisal) standards there is hope and its called the FHA 203K Rehabilitation loan. It allows you to purchase the property and then perform repairs or update the home to your liking. Repairs would include items that make the house "uninhabitable" such as mold, water damage, leaking pipes, electrical faults etc.. Updates can be things such as new floors, new kitchen (even includes some money for appliances), bathrooms, landscaping.

A list of repairs needed and updates that you want is drawn up by a 203K consultant after a meeting at the property with you him and a contractor that you will hire to perform the work. An appraisal is performed on the property that assigns it a value based on the completion of repairs and updates that you perform

At closing the seller is paid and an escrow account is set up for you to perform the repairs.  As work progresses and the contractor needs payment you will request draws from the escrow.  Before a draw is authorized the 203K consultant will come to the property to inspect the work performed to that point.

This is a great program for homes in foreclosure and homes needing TLC and is available for anyone who qualifies for an FHA loan.
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June 14 2009
Johnny's right.

I am in escrow on a house with an FHA loan and it has been a hassle. They first stopped it for a vapor barrier in the crawl space.

Then they stopped it for a little drip coming out of a water heater connection, something I could have fixed with $.50 worth of teflon tape. Said a contractor had to do it.

The first house I bid on I lost $350.00 on the inspection - said it wouldn't go FHA.

I recommend don't even look at houses over 30 years old.
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June 13 2009
If the home is not in move in condition keep looking. FHA Minimum Property Requirements have changed over the years. Now they do not require that you fix every little thing. A cracked window, a cracked door,leaky faucet,worn out counters, things of this nature that can be attributed to normal wear and tear may not be required to be repaired.
Leaking roofs,structual problems,defective paint, standing water,hazardous materials,faulty electrical,plumbing, or heating,evidence of possible structul failure, these issues will require repair and possible continued inspection. Again if the house is not move in condition keep looking. Normal wear and tear are fine but those big fix issues are usually not worth it for the first tiem cash strapped home buyer.
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June 13 2009
It will ultimately be up to the underwriter and the appraiser, but generally avoid safety issues. It is a long list of criteria for FHA minimum standards. Your Realtor or lender should be able to get you a current list.
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June 13 2009
 
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