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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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FHA loans another warning
Well now the bank came back to us and told us we or the sellers need to fix the pealing paint and rot on the exterior of the house. Well the sellers are not going to do this (we will not even bother to ask) since we are getting the house for so cheap so now it looks like either we pay for someone to repair and paint or do what we were going to do after we close which is reside the do gutters BEFORE we close.
I am rather annoyed at this but thanks to a FHA loan and the fact of poor exterior we are forced. The really messed up part of this is we have a certified lead inspection proving it is not lead paint but the bank doesn't care!
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Posted 8/20/09 3:52 PM  |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: FHA loans another warning
wow, I didn't know that FHA was such a PIA. how can they require you to do any work on a house you don't even own yet 
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| Posted 8/20/09 4:07 PM |
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mandasue
LIF Adolescent
Member since 3/09 772 total posts
Name:
Amanda
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Re: FHA loans another warning
wow......we did an FHA loan and only had issues with them double and triple checking all our bank account info.......
they asked us for all the info up front then took their sweet *** time looking at it and said the info was not recent enough....so we went back to the bank and got updated info and then they repeated and took their sweet *** time again....so we got the info needed a again.......but third time was the charm and we closed the following week.....
hang in there and good luck!!!!!
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| Posted 8/20/09 4:13 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: FHA loans another warning
our mortgage broker tried to steer us away from doing an FHA b/c he said it can be a PITA....
we ended up doing convential with 20% down and we got the clear to close the week our loan application was submitted....
as long as our appraisal comes back ok we are good to go.....
i heard FHA can be headaches especially with "as is" homes which is what were looking to buy
im sure it will work out for you - its just dealing with all the crap that is a annoying!!!
Message edited 8/20/2009 4:20:53 PM.
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| Posted 8/20/09 4:20 PM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: FHA loans another warning
same exact thing happened to us. Two days before closing we were there with friends re-painting a house we didn't even own....
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| Posted 8/20/09 4:29 PM |
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SnickNNick
In our new house!!
Member since 8/08 2119 total posts
Name:
Nicole
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Re: FHA loans another warning
Wow we did FHA and didn’t have any problems at all, although our mortgage broker did say there sometimes can be a lot of paperwork and headaches. Our house was also in good condition though, so that may be why…
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| Posted 8/20/09 4:45 PM |
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Alexandra17
Keep It Positive
Member since 4/09 6262 total posts
Name:
Alexandra (ali)
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Re: FHA loans another warning
We just did the beginning process of FHA and now after reading this..I'm kind of scared. Thank God the outside of the house is ok...
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| Posted 8/20/09 7:48 PM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: FHA loans another warning
Generally speaking, there is a higher standard for homes to pass by when getting an FHA vs that of a conventional loan. FHA loans have very strict rules for what is acceptable during an inspection and what is not, so something that might be ok when getting a conventional loan, might not be ok for an FHA.
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| Posted 8/20/09 10:08 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: FHA loans another warning
yep they are trying to "protect the buyer" which is fine and dandy but why should I paint a house and repair when I plan on doing the entire exterior with in a few weeks of closing. So we are trying to see how much to do what needs to be done to pass visual inspection or we just might do the entire siding job now if the current owners allow us.
Most people do not have these issues with FHA loan its just we purchased a house as is and the fact the entire exterior is falling a part and knew we would have to do extensive work right away just didn't think this soon.
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| Posted 8/21/09 9:03 AM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: FHA loans another warning
Posted by Nifheim
yep they are trying to "protect the buyer" which is fine and dandy but why should I paint a house and repair when I plan on doing the entire exterior with in a few weeks of closing. So we are trying to see how much to do what needs to be done to pass visual inspection or we just might do the entire siding job now if the current owners allow us.
Most people do not have these issues with FHA loan its just we purchased a house as is and the fact the entire exterior is falling a part and knew we would have to do extensive work right away just didn't think this soon.
i think it's to protect the buyers and to protect the lender as well....i think a lot of the inflation nonsense that went on also plays a factor in the way things are now - banks want to base loans off real values and the real worth....before loans were given out way too easily....
Message edited 8/21/2009 9:47:59 AM.
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| Posted 8/21/09 9:46 AM |
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