Every year I think I'm going to plant a flower garden that would rival the ones that my Grandmother had (flowers everywhere, every possible kind, and all of them were gorgeous.)
Making Your Home FHA Mortgage Compliant
Dated: February 1 2018
The Federal Housing Authority (FHA) lends money to homebuyers with solid credit, but (typically) with a low down payment. Since they are lending the money, they can, and do, have stringent requirements for the houses that they lend money for. These are issues that a home inspector may (should?) flag, but the critical component for an FHA mortgage is the appraisal.
Here is a list of common issues (any of which can cause the FHA lender to turn down the deal) that an appraiser could flag when the buyer is using FHA financing:
Peeling paint in homes that were built before 1978. This includes exterior paint (foundations, decks, garages, siding, etc.) as well as interior.
Safety issues like as a missing handrail on a deck or stairway.
Missing, falling or unattached gutters.
Exterior doors that don’t open and close correctly.
Exposed wiring and uncovered junction boxes.
Non-functional heating systems.
Significant plumbing issues.
Active pest (termites, mice, roaches, etc.) issues. This may require an inspection.
Leaky or defective roofs and roofs with a life expectancy of fewer than three years.
Rotted windowsills and wood trim.
Missing appliances that are almost always sold with a home, such as a stove.
Kitchen appliances that do not function.
Having bedrooms without windows for proper egress by a human.
Foundation or structural defects.
Having an actively leaking basement.
Evidence of standing water in a crawl space.
Empty swimming pools or pools that don’t have a working pump.
Ripped or badly damaged screens.
A fence in disrepair.
From a seller’s perspective, it is always smart to make these kinds of repairs before listing your house. Doing so will attract more agents and buyers to your house (which can equate to a quicker sale) and likely will net you a higher sale price.
I am a Licensed Real Estate Associate Broker and work full time helping people to achieve their dreams of home ownership or their dreams of selling their home or both. I love working with buyers and s....