FHA Inspections

[Anonymous]

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@BBYGRL wrote:

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@Anonymous wrote:
Okay, I should specify that this is as-is, so the seller won't make any repairs. The only thing my realtor thinks they'd be willing to do is termite treatment if it was deemed necessary, just because no lender, FHA or otherwise, will finance a house with termites.

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Mine was as-is as well. The bank did replace the water heater, did the termite treatment and gave me $2k back for the roof.

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Well that's good to hear. Thanks! Still waiting to hear back from my realtor, so I don't know where we stand right now. I think it's worth sneaking in a few days before the FHA appraisal and trying to take care of any red flags, but we'll see!

[GFer]

I'm closing FHA on a bank owned forclosure this Friday. All the banks are different in how they handle these. I found that out firsthand, as this is my 7th contract (only two were not bank owned). Not my choice, but like others, I couldn't afford much more.

The reason banks hate forclosures and FHA in the same sentence, is that usually the homes in forclosure are in less than habitable shape. FHA has actually loosened their standards are not nearly as picky as they used to be. You should be too, as really, it's for your own safety (and pocketbook).

While 'most' banks won't come out of pocket for anything, some will. Can't hurt to ask! And if you look long and hard enough (been there, done that---almost a year!) you will find the one that's right for you.

And as everyone will tell you; all the FHA lenders are different in what they will and won't accept. So don't base putting a contract on a home you like on someone 'else's' experiences.

[Anonymous]

GFer:

I'm closing FHA on a bank owned forclosure this Friday. All the banks are different in how they handle these. I found that out firsthand, as this is my 7th contract (only two were not bank owned). Not my choice, but like others, I couldn't afford much more.

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GFer,  this is your 7th contract?!  Is that over the years or just recently trying to make a purchase?

I'm hoping you don't tell me that 6 prior contracts have fallen through!

I want to buy later in the year and foreclosure + FHA are definitely the way I want to go.

[Anonymous]

If doing a refi thru FHA, does an inspection need to be done if the current loan is not FHA?