Tucson FHA Mortgage tips - know this when buying a vacant home

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Education & Training

Tucson FHA Mortgage Loan Tip

There is an abundance of Arizona Bank Owned REO property on the Tucson MLS. Anybody planning on buying a home in Arizona using a Tucson FHA Mortgage Loan must know the following tip. A vacant Bank Owned or REO property will typically have all it's mechanical systems turned off. Often for quite some time. Tucson FHA Mortgage Tip for purchase of Vacant Property:
  • When an appraiser inspects the property they will check the utilities and mechanical systems as an FHA requirement. If they have been disconnected prior to the appraiser inspecting the property, to qualify for a Tucson FHA Mortgage Loan they will need to be turned on and the mechanical systems will need to be checked by a licensed contractor or qualified inspector. The contractor or inspector must certify that the systems have been turned on and are working properly.
Planning appropriately with this Tucson FHA Mortgage Tip in mind will without any doubt save you time and frustration. Just imagine applying for a Tucson FHA Mortgage Loan for the purchase of a vacant bank owned property and all the utilities are off. You hire the appraiser who inspects the vacant property. The appraiser then will take the next several days to complete the appraisal report and then submit it to us(total time, 1-2 weeks) for your Tucson FHA Mortgage Loan. At this time your mortgage guy calls and tells you "the utilities are not hooked up. Get them hooked up and you'll need to pay a qualified inspector to verify that all systems are working properly." If that happens, you've added time and the additional inspector cost to the already lengthy process of home buying. Arizona USDA Rural Development Home Loans will also follow this same tip. To find out how much you qualify for today, click on the Get Started tab above or click here. Apply online for an Arizona FHA Mortgage Loan and get pre-qualified today. Or call (520) 225-0380 to speak with a Tucson FHA Mortgage Loan Originator today!
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Topic:
Home Buying
Location:
Arizona
Groups:
Arizona Real Estate
Tags:
vacant
real estate
buying
fha

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Paul Dunn

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