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FHA loan and condition of house
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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FHA loan and condition of house
Can anyone explain to me the requirements to get an FHA loan? From what I've heard, the house has to be in pretty good condition...but how good? Liveable or completely updated? What will and will not be acceptable to the bank? How hard is it to get approved for an FHA?
TIA
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Posted 6/13/11 2:03 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: FHA loan and condition of house
The house has to be in livable condition
all stairs must have hand railings
fire detectors and CO2 detectors
a stove and kitchen sink
nothing that you wouldn't want
if the house is a short sale or bank owned and does not meet and can not meet these requirements there are 2 options
1-- FHA 203B- which is for repairs less then $15k- you hold you own money in escrow to make the repairs and they send someone back to check
2--FHA 203k- or a rehab loan- used for houses that need more then $15k worth of work- in this case you borrow the money from the bank for major projects- kitchens, baths, rood etc
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| Posted 6/13/11 2:54 PM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
|
Re: FHA loan and condition of house
Posted by Beth EXIT Realty
The house has to be in livable condition
all stairs must have hand railings
fire detectors and CO2 detectors
a stove and kitchen sink
nothing that you wouldn't want
if the house is a short sale or bank owned and does not meet and can not meet these requirements there are 2 options
1-- FHA 203B- which is for repairs less then $15k- you hold you own money in escrow to make the repairs and they send someone back to check
2--FHA 203k- or a rehab loan- used for houses that need more then $15k worth of work- in this case you borrow the money from the bank for major projects- kitchens, baths, rood etc
Thank you Beth! This house is not a short sale and other than a lot of cosmetic updating it doesnt need much work. Definately more than liveable and has all hand rails, etc.
Can we go with a mortgage broker to get an FHA?
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| Posted 6/13/11 3:16 PM |
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