First time with FHA

[OV79]

Hello,

I'll keep it simple and just spit facts.

Wife and I have been living in our home for 13 years now.

We had a land contract for deed from her dad.

House was built in 1880.

He passed. No life insurance.

Lost the contract somehow.

We must buy the house at autiters price.

We just signed paperwork for the FHA loan.

Mortgage broker, person helping us with the mortgage, stated that we must pass FHA appraisal.

We are currently working on the house as in renovating it.

There are some issues with the house, but it is livable and safe.

Do any of you have advice for me so I can fix any issues?

 

[alebrewer]

That's a pretty exhaustive list... Check out the attached FHA handbook. The info you're looking for will be found predominantly on P182-198 and P821-886. I also uploaded an FHA appraisal checklist that you may find helpful.

 

[alebrewer]

NVM - it won't upload the 4000 handbook. Here's the link:

AllRegs Online

 

[Zoe]

Hello,

I'll keep it simple and just spit facts.

Wife and I have been living in our home for 13 years now.

We had a land contract for deed from her dad.

House was built in 1880.

He passed. No life insurance.

Lost the contract somehow.

We must buy the house at autiters price.

We just signed paperwork for the FHA loan.

Mortgage broker, person helping us with the mortgage, stated that we must pass FHA appraisal.

We are currently working on the house as in renovating it.

There are some issues with the house, but it is livable and safe.

Do any of you have advice for me so I can fix any issues?

I would say first resources would be HUD (FHA), real estate lawyer for which ever lender you are going through, any lawyer that was involved in with her dad's death, or your own real estate or trust CPA or lawyer skilled in those areas locally.


I wish you well. Did he die intestate? Is your wife in control of his assets upon his death?

Instead of a contract, he probably needed to put at least her name on the deed with him. Quit claimed the property to him and her or him and her and you.

Does this have to go through probate court?

Are there other siblings?

Too many unknowns.

 

[Zoe]

1880 does not matter to HUD. Clean title to your home matters to HUD as well as any minimum property standards.

 

[Lil Rhody]

1880 does not matter to HUD. Clean title to your home matters to HUD as well as any minimum property standards.

Clean title does matter, but so does the year built. Since this property is built prior to 1978, any chipping or scaling paint that needs to be remedied or any portions of the exterior that are unpainted or untreated need to be addressed. Some states require a lead certified contractor or firm to make these types of repairs.

 

[OV79]

That's a pretty exhaustive list... Check out the attached FHA handbook. The info you're looking for will be found predominantly on P182-198 and P821-886. I also uploaded an FHA appraisal checklist that you may find helpful.

Thank you! We have water base board heat at it we be replaced this year. We did run out of propane, so the furnace will not ignite the gas because of lack of fuel. It will click to start. I also drained the water out because we got below 0 temps.

Never know, one of you my be my appraiser.

FHA is the only loan we qualify for.

 

[OV79]

Thank you! We have water base board heat at it we be replaced this year. We did run out of propane, so the furnace will not ignite the gas because of lack of fuel. It will click to start. I also drained the water out because we got below 0 temps.

Never know, one of you my be my appraiser.

FHA is the only loan we qualify for.

Will the furnace be an issue?

 

[Zoe]

Thank you! We have water base board heat at it we be replaced this year. We did run out of propane, so the furnace will not ignite the gas because of lack of fuel. It will click to start. I also drained the water out because we got below 0 temps.

Never know, one of you my be my appraiser.

FHA is the only loan we qualify for.

Okay, minimum property standards require safe permanent heat source to the subject living area.

In essence it will not pass MPS for FHA loan.

 

[Zoe]

Adequate is better term for safe heat source that is considered attached to the real property. Are you with me? What temp will your heat source maintain in your home? FHA don't want your pipes frozen or you freezing to death. Are you with me?