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Draiman
Let me see those devil horns in the sky

join:2012-06-01
Kill Devil Hills, NC
Reviews:
·Verizon FiOS

2 edits
reply to Archivis

Re: Mortgages

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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IF YOU FIND ANY MISTAKES IN MY WORK...Please consider that they are there for a purpose. I try to please everyone and there is always someone looking for mistakes!

Bob4
Account deleted

join:2012-07-22
New Jersey
Reviews:
·Optimum Online

said by Draiman:

Test for a properly working heater and, if present, air conditioner
Test for a working oven hood/fan (carbon monoxide danger)

How do you test a central A/C in the winter?

We don't have a stove exhaust fan. But it's an electric stove.


Draiman
Let me see those devil horns in the sky

join:2012-06-01
Kill Devil Hills, NC
Reviews:
·Verizon FiOS

4 edits

said by Bob4:

said by Draiman:

Test for a properly working heater and, if present, air conditioner
Test for a working oven hood/fan (carbon monoxide danger)

How do you test a central A/C in the winter?

We don't have a stove exhaust fan. But it's an electric stove.

FHA rules say they must mark the A/C stuff (Questions 10F through 10J) as "Yes" if it's below 60 degrees and can't test it. Typically they'll put a comment on page 5 that states the A/C could not be tested. That's a loophole for sure.

You don't need an exhaust fan in the kitchen. It's highly recommended and might be code for some places. If you do have one it has to work and vent outside. The range type makes no difference. Food smokes the same in a pan on gas or electric.
--
IF YOU FIND ANY MISTAKES IN MY WORK...Please consider that they are there for a purpose. I try to please everyone and there is always someone looking for mistakes!