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Updated about 3 years ago on . Most recent reply
First Time FHA loan
I am 21 years old and looking to get my first home with an FHA Loan. Using this method to get started into real estate. Any advice on what to expect or know for requirements in regards to this loan. I know the basics but is their any surprises that might show up?
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The home has to be in move-in ready condition to pass an FHA Appraiser's inspection. If you are trying to buy a place that will require work to be 'move-in ready' then you will need to explore some of the renovation loan options like FHA 203k and Freddie Choicerenovation.
You may have a harder time getting a seller to accept an offer from a buyer using an FHA loan because of this stipulation. Consider a conventional loan if you qualify for it and aren't buying a multi-unit property.