The Ins & Outs of FHA Loans – Part I I
What do you need to know about a property when doing an FHA transaction?
FHA guidelines have recently changed. Here are a few important property requirements on FHA deals.
Conditions That DO Require Repair
- Leaking or worn out roof
- Evidence of structural problems
- Lead-based paint
- Poor exterior paint in homes constructed after 1978 where the finish is otherwise unprotected
- Inadequate access/egress from bedrooms to exterior of home
Property Conditions that DO NOT Require Repair
- Missing handrails
- Cracked or damaged doors that are still operable
- Cracked window glass
- Minor plumbing leaks (i.e. leaky faucets)
- Evidence of previous (non-active) Wood Destroying Insects (but no structural damage)
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