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FHA approval question...

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Anonymous
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FHA approval question...

I made an offer that was accepted on May 9th and had all of my paperwork in to my loan officer on the following Monday the 11th.  I had my home inspection done today.  We were aware of some peeling paint around the windows and some outside window trim that needed to be replaced before an FHA appraiser would approve.  That feeling was proven today after the inspection.  My question is:  Does this need to be fixed before the appraiser will sign off or how does this work?  Assuming we get the seller to fix the problem, does the appraiser have to come back out to see the changes?  I am concerned about how long all of this will take.  Luckily the windows are brand new and it's just some trim that needs fixing.  The inspector didn't find much else that was a problem so I am hoping the FHA person won't find much either.  This is my first experience buying a house and I was looking for some help on the FHA process. 

 

I will of course be in contact with my LO and my realtor but I thought I would post since everyone is so helpful around here.  Thanks!

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: FHA approval question...

The only reason FHA would deny the loan because of inspection is if there were foundation issues or roof issues.

 

They aren't as stringent as they used to be.

 

My inspection found at least a dozen problems and FHA didn't care.  I had the important issues fixed......but there is stuff I didn't have repaired.......like the outlets near the stove didn't have a trip mechanism on it.  The wiring in the house is 20+ years old and didn't have ARC protectors on them....

 

You are fine!


Good Luck!

Message 2 of 6
Anonymous
Not applicable

Re: FHA approval question...

My loan is FHA and the house i am buying needs some repairs to the roof but the bank is fixing them.  As long as it is fixed i have been told by EVERYONE it won't be a problem.
Message 3 of 6
ssnova
Valued Member

Re: FHA approval question...

I am in the process of an FHA loan too and had a similar situation with an appraisal.  The appraiser wanted the Seller to fix chipping paint by the windows before he would release the report.  The appraiser came on 5/4 and luckily the seller was also there to hear what needed to be repaired.  The Seller fixed and the appraiser said it was OK for him to take a picture of the repair and email it to him so he did so by 5/7.  On 5/12 appraisal came in at $540K and the price we are buying for is $531K.  Good luck, hope all goes well.
Message 4 of 6
DallasLoanGuy
Super Contributor

Re: FHA approval question...

peeling paint will likely hold up your deal. it has to be fixed

 

if the appraiser noted it.... the underwriter will have to have it inspected again after repairs. unless it is something the underwriter doesnt care about.

regarding the trim.. not sure. mayl have to be fixed. underwriter will make a ruling on that.

 

i once had a borrower go out after work and scrape the paint and primer over it.

we sent appraiser out and it passed.

crazy, i know.

 

 

all of this stuff is an issue: (not a complete list)

 ·        Missing floor covering, fixtures, outlet coversand/or exterior siding.

·        Rotten wood. Or wood exposed to the elements(peeling paint)

·        Defective lead based paint if built prior to1978, chipping or peeling.

·        Dysfunctional windows (not opening orclosing/broken or cracked glass).

·        No bars on windows without a safety latch toopen.

·        Roof with less than 2yrs economic life.

·        Roof with missing or damaged shingles.

·        Crawl space must be 18 inches.

·        No water or debris in crawl space.

·        Attic: If there is an attic, it must haveinsulation and access.

·        HVAC & plumbing must function properly,water must be on during appraiser inspection.

·        Electricity must operate properly and will needto be ‘ON’ during appraiser inspection.

·        Electric garage door must have emergency reversestop.

·        Garage must have drywall on any wall adjacent toliving areas.

·        Any safety and security issues.

 

Message Edited by DallasLoanGuy on 05-20-2009 03:35 PM
Retired Lender
Message 5 of 6
Anonymous
Not applicable

Re: FHA approval question...

Thanks for all of the replies from everyone.  I just heard back from my loan officer.  The FHA appraiser has been to the house and found nothing that needed repairs.  The home meets FHA guidelines "as is".  I am very surprised but also very happy.  Things seem to be moving right along in a great way.  What's the next step in my first home buying experience? 
Message 6 of 6
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