![]() Also, proximity to excessive noise - like heavy traffic, high-voltage power lines or an airport - can prevent a home from meeting FHA guidelines.įor more information on the FHA minimum guidelines, see the Federal Housing Administration’s complete guide here. ![]() Location: The home must not be too close to a hazardous waste site.Safety issues: The FHA appraiser will check for potential hazards, such as asbestos or contaminated soil.Heater, water and electric: Does each inhabitable room have an adequate heating source? (Regulations for this may vary depending on the severity of the local winters.) Does the water heater meet local building codes? Electric boxes should not be damaged or have exposed wides.Roofing: Is the roof likely to last two to three years? Does it keep moisture out?.Structure: Is the structure of the home in good condition? Is there dampness, decay or termite damage that might compromise the building integrity?.Here’s an overview of what the FHA appraiser considers when evaluating the home: A HUD-approved property appraiser will evaluate the safety, integrity, and value of the property, and report it on an FHA form. Unless the buyer pays cash, there will probably be issues getting any kind of financing if the property deficiencies are major.īut because sellers often don’t want to put another penny into the home, here are some options on how to handle the situation.Ĭheck your FHA eligibility (Jan 25th, 2024) What is an FHA inspection?īefore a mortgage lender will finalize the FHA loan, they want to be sure that the home is worth what the borrower is paying for it. ![]() It’s worth mentioning that the seller is limiting his or her buyer pool significantly by not being open to make repairs. What happens when a property is being sold as-is and the seller will not do repairs but the home doesn’t meet FHA minimum property standards (MPS)? How does the buyer qualify for an FHA loan? It’s a great question and a situation that happens quite often.
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