11-05-2012 08:11 AM
Does anyone know if USDA will approve a mortgage on a Fannie Mae home of which the drainfield just failed inspection?
Our file has been bank (SunTrust) approved, just waiting to hear back from USDA. It's been with them a week.
Septic inspection was just done Friday, got results today.
I know Fannie Mae usually doesn't do repairs on a home, such as roof, etc ... but would the drainfield be an exception since it's an environmental issue?
My husband is a plumber, so we can easily get the issue fixed after closing. But I'm worried USDA won't even approve it because of the failed inspection.
11-05-2012 08:40 AM
It's not the repair that's of concern. We can get that taken care of easily. Obviously we don't want to do that prior to closing, though ...
But since the home is a Fannie Mae property there is no "seller" to do the repair. And I'm concerned about the actual approval of the mortgage from USDA with the failed drainfield.
11-05-2012 08:36 PM
You perhaps shouldn't have had the leach field inspected if it was not a major concern to you. Just curious as to who you were told required such a test and who told the septic inspector they needed to do such a test?
A dye test inspection on a licensed septic professional's letterhead indicating that the septic system appears to be functioning normally, and All Parties could have likely gone on their merry way to the closing table.
11-06-2012 04:01 AM
The lender (SunTrust) requested a full septic inspection. Pump the tank, inspect tank, lines, and drainfield.
Also, in USDA's guidelines they require a full septic inspection.
We didn't have the option to decline the inspect. We are in an area where my husband does not have the contacts to a licensed septic contractor, so we had to use a local company. We're trying to get someone else to reinspect as there are questions about the integrity of the company that we ended up using.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.