tropikchiken
Freshman Member
- Joined
- Dec 7, 2017
- Professional Status
- General Public
- State
- Maine
Hi all-
I'm sure you guys/gals have come across this before...
I am trying to have my old 1875 house refinanced through an FHA loan (currently is seller financed).
Had appraiser out and she said the paint on the attached barn/garage needs to be taken care of it.
Trouble is, it is already too cold in Maine to get it painted.
I intended on having the whole house painted in the spring anyway.
So, I have a few questions-
A) Can this work be deferred until spring? Maybe with an escrow account holding the estimated cost?
B) If the paint is not lead, would it need to be done? From what I understand, FHA loans don't require peeling paint to be fixed in post-1978 homes due to lack of lead. I don't know how old the paint is on the barn, but it certainly is possible it is newer than 1978.
C) Two sides of the barn are painted, but one is the original bare wood siding. It's not in great condition, but the appraiser didn't mention it. Can I leave this unpainted?
Thanks for any input or advice on this situation. I really need to get this loan taken care of before spring because the balloon payment on my current mortgage is due in February.
I'm sure you guys/gals have come across this before...
I am trying to have my old 1875 house refinanced through an FHA loan (currently is seller financed).
Had appraiser out and she said the paint on the attached barn/garage needs to be taken care of it.
Trouble is, it is already too cold in Maine to get it painted.
I intended on having the whole house painted in the spring anyway.
So, I have a few questions-
A) Can this work be deferred until spring? Maybe with an escrow account holding the estimated cost?
B) If the paint is not lead, would it need to be done? From what I understand, FHA loans don't require peeling paint to be fixed in post-1978 homes due to lack of lead. I don't know how old the paint is on the barn, but it certainly is possible it is newer than 1978.
C) Two sides of the barn are painted, but one is the original bare wood siding. It's not in great condition, but the appraiser didn't mention it. Can I leave this unpainted?
Thanks for any input or advice on this situation. I really need to get this loan taken care of before spring because the balloon payment on my current mortgage is due in February.