Question : I am concerned with requirements of a FHA loan during the inspections process. What can you tell me about the standards for FHA in regards to property condition prior to the sale?Answer :The first step will be to get the home appraised by a FHA appraiser. Check here to be sure on the FHA appraising guidelines.
Question : I am interested in refinancing my current FHA mortgage. Do I have to go through all the steps again, as I am both buyer and seller? In particular, I am concerned about the appraisal and if I will haveAnswer :You will not have to go thru the steps again. The FHA offers a FHA streamline refinance. They are very hassle free because appraisals and income verification are usually not required.
Question : I am looking into buying a house. I would like to get a FHA loan, but the house needs some work. What are the requirements or improvements the FHA needs so that I may qualify?Answer :Without knowing more specifics it is hard to say. Please check out this site for FHA home requirements to see if the home will be approved by the FHA appraiser.
Question : Is a FHA appraiser responsible for inspecting the utilities in a home?Answer :Yes, it is the FHA appraiser's responsibility.
Question : Is there a form for the professional engineer to use for the foundation certification done for a FHA loan?Answer :There are a variety of forms that are necessary, and they depend on which state you are in. Here is an example of the foundation certification for FHA loans.
Question : We are currently selling our home to someone who is obtaining a FHA loan to purchase our house. I have heard that FHA is extremely strict on the criteria that have to be met inspection wise. Is this tAnswer :There are policies set fourth by the HUD to ensure the home meets certain requirements before being financed through FHA. However, generally speaking the costs and responsibilities will fall on the buyer. Check out the HUD FHA Home Guide for more information.
Question : We just got approved to buy a home with a FHA loan. The home we are buying is as is and it needs a small hole in the kitchen ceiling patched. It is bank owned and the bank will not let us go in and fiAnswer :This seems strange. There is no reason why the bank would not want the loan to go through so that they can sell the house. It is possible the bank doesn't understand why the hole in the kitchen needs to be repaired. I would just work with someone at the bank more closely to be sure they understand the situation.
Question : What are the home requirements?Answer :Please check out this FHA resource for information on specific home requirements for an FHA loan.
Question : What if you have 12 months cancelled checks of on time rental history. I have a lease that was terminated last year. My rental history was broken but I paid all rent on time.Answer :You may want to consult the lender you are considering for your FHA Loan. It should be alright because your checks were on time, but each lender may be different.