LoveToKnow Mortgage:AllComments

From LoveToKnow Mortgage

Comments

Eric, you will need to discuss specific concerns with your inspector. He or she will be able to explain to you the requirements as they pertain to your situation.

-- Contributed by: Tamsen Butler

I RECENTLY HAD MY HOME INSPECTED IN TULSA OKLAHOMA. AND THERE IS A FOUNDATION PROBLEM WHICH REQUIRES PIERING, BUT THE INSPECTOR RECOMMENDED A RETAINING WALL AND I ALREADY HAVE ONE BUILT OUT OF RAILROAD TIES. IS THAT NOT ACCEPTABLE?

-- Contributed by: ERIC KENWORTHY

You may encounter problems obtaining a new mortgage for a home that does not have an intact kitchen. If the mortgage loan is a refinance and the kitchen is merely under construction, you may be able to secure a loan. Speak to your lender about the inspection requirements to find out for sure.

-- Contributed by: Tamsen Butler

will they give a loan if the kitchen torn out

-- Contributed by: Enter your name here

FHA will have an inspector look over the property to make sure it adheres to FHA standards, but this should not be considered as a replacement for a home inspection commissioned by the buyer.

-- Contributed by: Tamsen Butler

Shannon, this is usually the case with FHA mortgage loans. To learn more about this process, read the LoveToKnow article about escrow.

-- Contributed by: Tamsen Butler

Now, does that mean FHA has their own home inspector that will come out and inspect the home or do they rely on the report given by the home inspector that the buyers hire?

-- Contributed by: matt

I was told that home owners insurance and the yearly taxes were factored in with the monthly home payment. Is this correct?

-- Contributed by: Shannon

Margorie, an inspection will occur after you decide on a home to purchase. It isn't a complicated process and is simply to point out anything in the house that needs to be repaired. Before worrying about inspections, look into securing financing so you can shop for your home with a preapproval already in place. Good luck!

-- Contributed by: Tamsen Butler

we arelooking to buy a house and evereyone is telling us that we have to have an inspection. what do we need to do so we can qualify?

-- Contributed by: margorie

Jodi, there are certain requirements that FHA has for mobile homes. FHA inspectors are sent to make sure the mobile home's foundation is acceptable. If it doesn't pass the inspection, FHA will not guarantee the loan unless the foundation is repaired by the seller.

FHA does not require buyers to purchase an inspection, but the FHA does inspect in certain cir...stances.

-- Contributed by: Tamsen Butler

We are in the process of buing a house FHA and from what I'm reading fha doesn't require an inspection but they sent out an inspector to inspect the foundation (its mobile) and said it didn't pass. Now we may not be able to finance it. We were supposed to close 11/19

-- Contributed by: Jodi

Lori, since the Realtor is readying for an appraisal as opposed to an inspection my guess is that the desire is to make the home as visually pleasing as possible. A filled pool is much more attractive than an unfilled pool, but a quality appraiser will be able to tell that the pool is in good repair whether it's filled or not. Ask the Realtor the exact reason why the pool needs to be filled, and if necessary contact the FHA (www.fha.gov) and speak to someone regarding the expectations for pools during an appraisal.

-- Contributed by: Tamsen Butler

We have a home which is being sold as a "short sale" in "as is" condition. There is a pool on property and realtor is telling us that we have to fill pool for FHA appraisal. Pool has only been empty for a few weeks. House has been for sale for 18 months and utilities and pool were running and maintained during this entire period. We are completely out of money and are moving into forclosure. Since there was already a contract on property, bank will not forclose if this sale goes through. As I said, realtor is asking us to refill pool. We have do...ents to present to buyers if they wish, from a professional pool/filter inspection done just a few months ago stating that pool is in 100% compliance with operating standards. Do we have to fill pool for FHA? Thank you.

-- Contributed by: Lori

Nola, what you are looking for is contained within the FHA Guidebook for Appraisers. If you can't locate a copy of the guidebook on the FHA website then you can find it by conducting an Internet search. You can also contact FHA and ask about any specific questions you have regarding safety requirements.

-- Contributed by: Tamsen Butler

I've looked on the fha.gov site and can't find where it lists the safety requirments for the house to qualify for an fha loan.

-- Contributed by: Nola

Brad, the FHA wants to make sure that the homes they guarantee loans for are in good working order because this makes the borrowers less apt to abandon the property. In fact, many borrowers find that the FHA is quite flexible when it comes to guaranteeing a loan.

-- Contributed by: Tamsen Butler

Why are FHA loans so specific and tight? People who get them obviously can't afford anything else but yet have the hardest time finding a house. What can be done about this?

-- Contributed by: Brad Durham

Robert, she is being truthful. I have a home purchased with an FHA. The government insures the loan so they want to make sure the house is worth it-which only helps you,since you also want a home in good condition. When defects of that sort are found, the seller is responsible to fix them to make sure the deal can be financed and closed. It is not as hard as it seems or sounds :-) Congratulations on getting approved for a loan!

-- Contributed by: Mia

Both the FHA and VA have certain safety regulations that must be met prior to guaranteeing a loan. Your best source to find out the exact requirements is to contact the FHA directly (www.FHA.gov).

I will also suggest that if you get the feeling that your Realtor is not acting in your best interest then it may be time to find a different Realtor.

-- Contributed by: Tamsen Butler

My realtor told me that the house i want would have to pass an inspection in order to be approved for a fha loan. the realtor said it could have no pealing paint, cracks around window seal that would need caulking and that all windows must open and close. She also stated that the electrical had to be updated to a three prong type. Is she being honest or does she want this house for her self for an investment.

-- Contributed by: Robert Nordyke

Greg, FHA leaves it to homebuyers to select a home inspector, so as long as your inspector is state certified and in good standing there should be no problem. For more information, check out the FHA website: www.fha.gov

-- Contributed by: Tamsen Butler

My realtor tells me that my inspector must be FHA approved. What does that mean. The inspector I want to use is state certified and is a member of NACHI. He tells me that there are certain forms that the FHA has but is unaware of needing any special FHA certification. Is this correct.

He carries all insurances required by the state and his company is in good standing. Is there anything else that he needs to do my inspection.

-- Contributed by: Greg

April, thanks for the comment. FHA does not conduct home inspections, but highly suggests every homebuyer commissions a thorough home inspection prior to purchasing a home. FHA does require appraisals, but appraisals do not necessarily point out all the potential problems in the home. Certain conditions do merit additional requirements. FHA will let you know when the home you want to buy needs special inspections or other considerations.

-- Contributed by: Tamsen Butler

I was told with my FHA mortgage I had to do a home inspection and well and septic inspection. Why do you say on here that all that is not required?

-- Contributed by: April
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