FHA - The NO NO LIST

FHA: it's a good thing

FHA loans are a majority of the loans in our area right now. After looking at about a gazillion properties I usually have a gut instinct about whether or not it can be FHA approved. FHA’s primary concern: Health, safety, security, structural integrity of the subject property. Although This can mean many things, I found a great list for you:

According to Colleen Tiner, Sacramento County Appraiser. Some of the most common FHA repair items:

1. Will the roof pass a 2yr roof certification?
2. Is there access for appraiser to do a head and shoulders inspection of attic and crawl space?
3. Are there any visible stains on the interior ceiling?
4. Is the water heater strapped?
5. Are there any holes in the firewall?
6. If built prior to 1978? Any chipping/peeling paint?
7. Is there 18” of crawl space under the home?
8.  Any visibly dry rot?
9. Is the swimming pool filled? If not, does it have a secure fence around it?
10. Is the fence down around the property? Is there a pool or dog on the other side?
11. Any sub floor exposed? Minimum FHA grade flooring must be installed.
12. Is hot water heater on and functioning properly?
13. All built-in appliances must be installed and working.
14. A freestanding stove is not required.
15. The well must be 10ft from the property line, 50ft from the septic tank & 100ft from septic field.
16. Any exposed wiring, plugs or switches without cover plates?
17. Any holes in siding or stucco?
18. Any exterior standing water or drainage issues?
19. Any decks without rails?
20. Does garage door opener have functioning auto reverse?
21. Security bars must be removed from 1st floor bedroom windows.
22. If a termite report is required all structures on the lot will be inspected.

Colleen Tiner, can be reached at Tiner Appraisals (916-967-0296) http://www.tinerappraisals.com/

Property appraisals benefit HUD and the lender who will fund the FHA transaction. The value from the appraisal establishes the basis by which the maximum FHA insurable loan can be calculated.

For every action there is an equal and opposite government program. BobWells