i'm mostly curious about if piping is checked out or on the FHA inspection guidelines because i'm looking at older houses and it seems to be a common problem, however they are all i can afford. by kurtr2westerly862... from Bryan, Texas. Jul 1st 2014
What FHA checks for is different than an actual "Home Inspection".. FHA checks to see if there are any property deficiencies that relate to "Safety and Health" concerns or anything that would make the home inhabitable.. So long as the pipes are holding water, and there is no sign of water leaks, then it should be ok.. 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
- Another option is to use a FHA repair escrow or 203k renovation loan to replace problem pipes after you close. Other improvements can also be added as well. The FHA appraiser does not evaluate the condition of the plumbing or any other items - only notes any obvious problems for correction.
You may want to order a professional home inspection, to locate any possible "hidden" defects, such as water in the crawl space, which the FHA appraisal does not address.
You are not required to do a Home Inspection when using FHA Insured Financing, but you would be required to do a Pest Inspection to have a clean report provided. The Appraisal will go into similar detail, but definitely not as diligent as a Home Inspector may as they are typically looking for any health and safety issues that may cause an issue for those who will occupy the property. Things such as peeling paint from doors, windows, and wood siding are usually on the top of their list as well as any visible sign of termites, etc. Noting any deficient items (those that would need immediate repair) is something they also put in their report with a summary and photos. This is all for your protection as this is a low down payment program and most users would not likely have the necessary funds outside of the mortgage to make material repairs. You can check into using a FHA 203K (Purchase & Renovation Mortgage) as you could purchase a home and have the renovations included in the financing. Talk to your mortgage professional about this! Good Luck!
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