FHA is the Loan of choice for most buyers....will your house qualify??

According to the article that I am pasting below FHA loans are the most popular choice in loans by buyers. Due to banks tightening their pocketbook strings and making qualifying harder for buyers the FHA mortgages make for the most affordable option available.

However, not all homes qualify for FHA financing.

FHA has rather strict conditional requirements on a property. Will yours pass the test??? Let's see:

1. The home cannot have any chipped or pealing paint (especially on the outside)
2. None of the windows can have any broken glass
3. All the flooring must be intact (no tiles missing, or carpets worn to subflooring)
4. All utilites must be working (no non-working showers)
5. The roof and furnace must be in a condition that appears to have 5 years or more of life left to it (a frosty the snowman boiler is not going to cut the grade)
6. No missing shingles or pieces of clapboard on the outside
7. Broken stairs are a no-no
8. Holes in walls are not going to be allowed

If the FHA buyer is the more than likely buyer who will pay the most for the home than your home must be in a condition to be able to pass an FHA appraisal.

Daily Real Estate News | June 4, 2010 |

FHA: Loan of Choice for Most Buyers

The vast majority of potential home buyers - 87 percent - plan to use a Federal Housing Administration home loan to finance their purchases, according to a new survey from the Home Buying Institute, a consulting service.