FHA TOP 5 Requirements--DO YOU Know If Your Home Would Qualify?

In today's market, one of homebuyers' best choices in loan programs, whether they are a first-time buyer or not, is going to be FHA. Rules have changed, however, and it pays to know what an FHA appraiser will look at if you are in the market to buy OR sell a home right now, because the largest pool of buyers will be looking with this type of financing in mind!

When viewing a property, an appraiser is required to note those repairs necessary to make the property complaint with FHA's minimum property requirements. The appraiser determines whether repairs, alterations, or inspections are necessary. Certain conditions will automatically require repair.

Some require further inspection by an expert, whereas others are considered cosmetic. Repairs which are automatically required are those which involve the health and safety of the occupants, and security and soundness of the property.

The TOP 5 conditions which require automatic repairs:

1. Inadequate ingress/egress from the bedrooms to the exterior of the home (such as burglar bars on the windows which cannot be removed, or lack of bedroom windows).
2. Leaking or worn out roofs (there are specific requirements for roofing materials and shingle overlay-see below).
3. Structural problems (such as foundation damage due to excessive settlement).
4. Defective paint on pre-1978 (lead paint) built housing, interior or exterior-lead-based paint chipping, flaking.
5. Defective post-1978 exterior paint, such as bare wood construction.

Conditions requiring further inspection or testing by a qualified individual:

• Active termite infestation;
• Inoperative or inactive plumbing, heating, mechanical or electrical systems;
• Cracked masonry or foundation damage;
• Drainage problems.

Some conditions considered cosmetic (no longer requiring repair):

• Worn carpet
• Windows with small cracks

ROOFING MATERIAL

The roof must have at least 3 years of remaining life.
Estimated life expectancies:
Rolled roofing:....................NOT acceptable for FHA.
Composition roofs:............average life 15-20 years
Wood shingle:.....................average life 16-22 years
Built-up roofs:....................average life 10-13 years
Torch down roofs:.............acceptable w/certification that roof was installed per manufacturer's specifications.
Metal roofs:.........................acceptable w/certification that roof was installed per manufacturer's specifications.

For more information on qualifying for an FHA mortgage, for finding properties which will qualify for FHA financing, or just all-around general questions:

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