do i need to look for fha requirements when i look for houses?
buying a home and need to use fha because of my low down payment. but now i see the properties need to meet minimum fha standards. how do i know if the houses im shopping would be approved or not? do i need to constanltly go in with a check list? i'd like to get prequaled but this is making me rethink by 12corrinne78463274 from Fort Lauderdale, Florida. Nov 3rd 2014
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
You can make your offer subject to the property meeting FHA requirements at seller expense.
William J Acres (William_Acres)
#75 ranked lender in Arizona - 8,728 contributions
Typically, when the agent lists a property, they will state whether or not they will accept FHA financing.. this is not a guarantee that the property will pass an FHA inspection, but it's fairly reliable.. Understand that the appraisal inspection done for FHA is almost identical to that for any other type of appraisal inspection.. What the appraiser looks for is things that are obvious. Exposed wires, leaking plumbing fixtures, water stains on the ceiling, broken windows.. etc.. if he sees a property deficiency, and its safety or health concern, then he will address it in the appraisal, and it must be corrected. He does not do a home inspection, but rather an appraisal inspection.. so he's not going to test every light switch, appliance, and electrical outlet.. only not obvious deficiencies.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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