I'm in the process of purching a home built in the 1920s. It is very well maintained, but there are maybe 7-8 areas of paint chipping on the exterior. The house has been repainted within the last five years.
If the FHA appraisal/inspection requires the chipping areas to be scraped/repainted, how/when does this happen? How does it fit into the application -> closing timeline in relation to underwriting and everything else that has to be done?
My concern is -- what if the house is appraised and you fix repairs, but then find out you've been denied in underwriting? You've just fixed up another person's house. That can't be right... So how and when does the appraisal and necessary repairs come in to play?
Starting Score: 756
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
>> About myFICO
