said by Archivis:
The FHA has light requirements. Unless the home is an absolute shit hole, you shouldn't have any issues.
FHA did not place any demands on the home I bought. I had a home inspection that was done and I asked for some repairs to be done out of that, but not due to FHA.
It's an FHA approved appraisal vs. a conventional appraisal. An FHA appraiser looks a lot more stuff when they look at the property. It seems invisible to you if they don't find anything but there are still extra steps taking place.
Some of the extra's on an FHA appraisal:
"EXTRA CHECKS REQUIRED FOR AN FHA APPRAISAL
Identify any chipping, peeling or cracked lead-based paint - interior and exterior
Verify there are no issues with water damage or drainage
Insure proper ingress and egress (18") from all buildings to the lot line.
Test for a properly working heater and, if present, air conditioner
Test for adequate water pressure and no water leaks
Validate every bedroom has exterior access
Test for a working oven hood/fan (carbon monoxide danger)
Verify a minimum 60 amp electric box
Test for working electric outlets in every room
Identify any exposed wiring or missing electric box cover plates
Verify roof vents are screened and a maximum of three layers of roofing material
Complete a head and shoulder inspection of attic and crawl space"
Basically the house has to be in good shape for an FHA loan. If it needs a little TLC like a broken rail or cracked window the seller has to fix that before you can buy the property under FHA guidelines. The seller might increase the sale price to account for this. In a conventional loan you might point out problems but get a closing credit and fix the stuff yourself. That's not possible with a FHA loan.--
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