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FHA - The NO NO LIST

 

What a neat post. I am so happy K made it available for a re-blog. I fell out laughing at the Bob Wells quote at the end. That really made my morning. Enjoy!

 

FHA non approved house    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

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Comment balloon 11 commentsC Tann-Starr • September 08 2009 06:24AM

Comments

Thanks for sharing these tips. Best wishes for continued success.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 9 years ago

Ha ha re Bob Wells!! XXOO

Posted by Susie Blackmon, Ocala, Horses, Western Wear, Horse Farms, Marketing about 9 years ago

Roy, thank you for your kind words, they are very much appreciated. Enjoy your day, sweetie. Regards, C.

Susie, wasn't the B.W. quote a hoot? (LOL) I love this place. Kathleen did a great job on this post. :-)

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 9 years ago

C - thanks for sharing the list. I will have to go over to Kathleen and thank her also. That Bob Wells quote seemed somewhat Reagenesque, or maybe Will Rogersish!

Posted by Mike Saunders (Lanier Partners) about 9 years ago

It's always nice to have a list to provide sellers who would like to offer FHA terms.

Posted by Tom Boos, Providing the very best of service to Sellers and (Sine & Monaghan Realtors, Real Living) about 9 years ago

Vern interesting take on the government's form of karma

Posted by Janice Roosevelt, OICP ABR, ePRO,Ecobroker ( Keller Williams Brandywine Valley ) about 9 years ago

LOL @ Big Mike. :-)

Tom, very useful, indeed. :-)

LOL @ Janice. Oh, the things that I could say here but wont... :-)

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 9 years ago

What a great list! My real estate world has been mostly conventional, even in this market, so it's great to brush up on what an FHA inspector appraiser is lookign for.

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) about 9 years ago

Kathleen did a wonderful job. I agree. Great list indeed. :-)

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 9 years ago

I just gave this list out to someone who is writing an FHA contract on a questionable house. There won't be any surprises if the appraiser mentions any of the above. Thanks again, Kathleen.

Sharon

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) about 9 years ago

Sharon, very glad you found it useful. :-)

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 9 years ago

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