FHA and stone foundations

[lisamanning]

A friend of mine is looking to purchase a 100+ year old home. The home has a stone foundation. He was told that he can't get FHA financing because of the foundation. The home has been totally updated over the past 6-12 months.

 

[Stuart Pilkington]

I don't believe this is true. I have seen an FHA loan go through on a dwelling with wooden pier foundation. The requirement in 4150.2 are that the foundation has to be solid enough to support the dwelling. There is no requirement that I've seen on the type of material that the foundation has to be made of on a stick or masonary built dwelling. All that FHA required was an inspection from an engineer.

 

[Thomas Fiehler]

I've appraised many with stone foundations for FHA. If the house is structurally sound then it should not be an issue.

 

[Karl]

Call for a engineer cert & do the appraisal

 

[Jerry Bone Jr]

A friend of mine is looking to purchase a 100+ year old home. The home has a stone foundation. He was told that he can't get FHA financing because of the foundation. The home has been totally updated over the past 6-12 months.

Is the foundation just stone or is it stone with masonry ?

 

[Thomas Fiehler]

Karl-If there is no obvious signs of failure, why would you call for an engineer's inspection?

 

[vazira]

The important thing for an appraiser is to check for "obvious visual conditions" I think that this would be Cracks in foundation, signs of settling, Eroded mortar and/or just walking the interior checking for evidence.

Do not just throw in conditions.


Homer

 

[Jeff Squire]

I'd take a good solid stone foundation over a hollow concrete block one any day. Just look for the same things you would with a concrete one.
IE: settlement, bowing walls, extensive errosion, motar joints etc. If anything looks funny, call for an inspection. And don't forget, take tons of pictures.

 

[Darrel Clark]

I have appraised a number of homes with rock foundations for FHA financing in my area as well. Just as with a concrete foundation, if there are no indications of structural problems then there is no need to condition for any additional inspections or certifications. Typically if there hasn't been a problem with a 100+ year old foundation, it's going to be good for another 30+ years.

 

[Daystar]

Stone foundation no problem, look for failure of cement joints, if so call fo inspection and repair if needed.