FHA los angeles-FHA property condition guide lines

FHA Los Angeles

FHA property condition guide lines

by Monica Lopez & Stephen Munson

Silver Lake Realtors

Once you are qualified for a FHA (Federal Housing Administration) loan you will now have to find properties that meet FHA Guidelines and Restrictions. Pay close attention here because not all Homes qualify for FHA! This is one of the big differences between the FHA Loan Vs Conventional Loan.

Let's go over some of those FHA Property Guidelines for property condition.

Property Condition is of major concern when it comes to FHA property requirements. Here are some basic ideas to keep in mind when you're looking at the property's condition:

FHA Okay

• Cosmetic Wear & Tear
• Outdated but in generally good condition

Not FHA Okay (unless you are doing FHA 203k Loan)

• Structural issues
• Foundation Problems
• Non working appliances
• Electrical problems
• No flooring (carpet, tiles etc..)
• Mold issues

Typically speaking, many "Fixer Uppers" don't qualify for FHA.  FHA wants to make sure that they loan you on a "quality" home that isn't going to drain your financial reserves and possibly cause you to default on your loan.

If you have a good agent, they should be filtering these properties out for you so you do not waste your time looking at homes that simply won't fly with FHA.

I frequently tell my clients to strongly consider homes, condos or town homes that are as close to "move in ready" as possible. Homes in better condition stand a better chance of Meeting FHA Property Guidelines. And besides that, Why pull $20K + out of your pocket after you close escrow when you can "finance" the potential "fix-up" cost over the 30 years of your loan by buying a home that's DONE and in good shape!

If you are not currently represented by a Realtor or are looking for a fresh start with a new agent that knows FHA, we would love to have you as a client There is no fee to be work with us, All I ask is if you see a property you like make us your FHA Los Angeles Realtor! Give us a call at             323-216-9671      

Copyright © 2011 By Stephen Munson,Munson Realty, All Rights Reserved.*FHA Los Angles|FHA Property guidelines, FHA in Los Angeles,*