If you are buying or selling a home and are working with an FHA loan, these are some areas that you'll want to be aware of -- for fixing or as potential roadblocks to a sale. The guidelines are in place because they are related to the health and safety of the occupants -- and also are important for marketing the property.
The most common FHA repairs:
- If the home was built prior to 1978, chipping, peeling paint must be scraped and painted. This includes interior, exterior, garages, sheds, fences, etc.
- Roof should have 2-3 years of useful life remaining and no more than 2 layers of shingles. If the roof is over 10 years old, you must remove snow from a large portion of the roof for inspection by the appraiser.
- The cause of wet basements should be cured (e.g., improve drainage away from house, gutters, etc.).
- Abandoned inoperable wells must be capped and sealed by a licensed well sealing contractor.
- Infestation of any kind should be dealt with or exterminated (e.g., insects, mice, bats, etc.)
- Damaged or inoperable plumbing, electric and heating systems should be repaired. The appraiser will check these areas.
- Structural or foundation problems must be repaired.
- Flammable storage tanks must be removed and filler cap sealed from the inside (e.g., buried oil tank)
- If there is a crawl space or attic, it will be the homeowner's responsibility to make this area accessible so that it can be thoroughly inspected.
Keep in mind that these are the most common repairs. Contact your lender with specific questions regarding your property.
Found this list here: Resources - Most Common FHA Repairs http://bit.ly/jFYUqm
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