Forgotten Your Password?

Need to Register?

Question Icon

Can i get an fha loan on a short home with open permits, dry rot...

Can I get a fha loan on a home that has dry rot on trim of the house on different parts through out, open permits because fence was not done to code, and also a garage conversion not permitted and has questionable electrical work, and also with no stove in kitchen should I try to pursue this home or move on to the next one. by ronniec0016843 from West Palm Beach, Florida. Mar 24th 2015 Reply


Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

FHA would require all of the deficiencies be repaired or corrected as a condition of the loan. However, if you really like the home and the neighborhood, it is probable that an FHA 203k loan can provide the funds necessary to get the required repairs/improvements done. I've done plenty of 203ks that has converted a dog-of-a-property into a gorgeous home. It does take a little more work and there are additional costs involved, but if you really like the neighborhood and want to see this become your home, it is well worth it. Look for a local Mortgage Banker / Broker that is a certified 203k Originator. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Mar 24th 2015
2
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

All of those problems would need to be corrected prior to FHA approving the home for financing.. typically, if there are that many problems, it's usually best you find something else.. if they have all these issues you can see, imagine what you don't see?? I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 24th 2015
1
0
Subscribe to our news feed.