I have a rock foundation, will FHA guarantee the loan?
If the foundation is still in tact and has not failed, it is very likely you can get FHA Guaranteed financing with the FHA 203b or the FHA 203k programs. Yes is the short answer.
I had one of these years ago that we were appraising, the challenge is that you need to find comps and likely they have been sold recently. So, what I did then was to look around the neighborhood and I was able to identify about nine other homes with rock foundations, so I documented them, researched to see if any had sold recently, none had but two had sold a couple years before. Keep those addresses you may need them again later on.
Maintain your records on specialty foundations and specialty houses. You never know when you may need that information. Oh, mine were in Vallejo CA. I was driving by one the other day and that foundation stuck out like a sore thumb, they are still there.
If I do an FHA 203k loan will I have to replace the foundation? Not because it is a rock foundaiton, but you may if it has failed.
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