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06-03-2009, 01:54 PM #1
Renter
- Join Date
- Jun 2009
- Posts
- 3
How hard is it to get an FHA insured mortgage?
I am under contract for a 2 br/1ba brick home, with 1250 heated sq.ft. and 350 unheated sq ft in the basement. The home has been totally remodeled on the inside, new finish on the hardwood floors, new paint, new countertops, new windows. My loan officer says she doesn't see any problems with my credit. I am trying to get an FHA insured mortgage. How strict are they on the appraisal or inspection? I noticed a little dampness on the carpet edges in the basement, and wondered if that would be a problem? I think the dampness if b/c it has rained here for almost 2 weeks straight, and I think if there were any serious leakage problems the basement would be flooded. Also, the guttering drains look like they have been replaced recently, so I was thinking the dampness could've been from the old drainage system.
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06-04-2009, 12:08 AM #2
Condominium
- Join Date
- Apr 2009
- Location
- Seattle, Washignton
- Posts
- 122
Yes they will be picky and expect the moister to be a problem. I just assisted an agent with a sale of house with the buyer using a FHA loan. The loan would not close if a new roof was not put on.
The old roof had to be stripped there was no way to overlay form the poor job that was done just a few short years ago. From the yard the roof looked fine once up there every flashing had an issue and every other shingle was loose. We thought that the electrical panel would need to be replaced as well but they let that go.
Go forward expecting the need to repair it before it closes. Get a few contractors to take a look before you start to pay for the FHA inspection and before your feasibility time is up. I realy think you need to know more about the problem with the moister.Red Carpet Real Estate School
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