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Is Peeling Paint Killing Your FHA Loan?
This is some very helpful information to all Realtors and home-buyers throughout the country. It is being provided by a seasoned professional appraiser Mr. Tom Horn.
Mortgage Services, Inc. recognizes the importance of providing helpful information to all real estate, mortgage professionals and home-buyers throughout the country. We hope you find this valuable and pass it along to anyone you think it might benefit. Thanks Tom!

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” realm, which is why it is an FHA requirement for this condition to be corrected. According to the U.S. Department of Housing and Urban Department (HUD) the general requirements are as follows:
“For ... more

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