fha: Is Peeling Paint Killing Your FHA Loan?
- 10/07/10 01:41 AM
I recently did an inspection for an appraisal on an FHA refinance loan. It was an older home that had been undergoing some updates and renovations. One of the biggest problems I see on older homes, and one which this home had, is peeling and chipping paint. This is not an issue with conventional loans (unless it is a specific investor requirement), however it can be a deal breaker with FHA loans. If it doesn’t kill the deal it can at least delay the closing. Peeling and chipping paint is a health risk and falls under the “Safety, Security, and Soundness” … (10 comments)
fha: Top 5 Things A Real Estate Agent Can Do To Help Prepare A Listing For An FHA Appraisal
- 09/15/08 06:19 PM
In recent months FHA financing has been on the increase. With the decline of the sub prime lending market, and related creative financing programs, many lenders have been offering FHA loans to many homeowners for refinancing and home purchases. Current FHA requirements are not as stringent as they once were. If you are interested in the exact requirements you can log on to the HUD website here. The purpose of this article is to provide some helpful tips to realtors when their listings sell with FHA financing. By making sure that the home is ready for the appraisal inspection the entire … (44 comments)
Author Bio: Tom Horn lives in the Birmingham, Alabama area with his wife and two children. He has been appraising residential real estate for over 20 years and holds the SRA designation from the Appraisal Institute. He concentrates in the area of single family, vacant land, 2-4 family, and condominium appraisals.
This blog discusses Birmingham Alabama real estate appraiser topics in real estate appraisal. This includes but not limited to topics including explanations of the real estate appraisal process, articles on fsbo marketing appraisals, current topics in the appraisal profession, the real estate market in the Birmingham, Alabama area, appraisal humor, and the general real estate market.
I recently did an inspection for an appraisal on an FHA refinance loan. It was an older home that had been undergoing some updates and renovations. One of the biggest problems I see on older homes, and one which this home had, is peeling and chipping paint. This is not an issue with conventional loans (unless it is a specific investor requirement), however it can be a deal breaker with FHA loans. If it doesn’t kill the deal it can at least delay the closing.
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