" Handbook 4000.1, FHA Single Family Housing Policy Handbook, Title I," Pages 575-582. Department of Housing and Urban Development. " Handbook 4000.1, FHA Single Family Housing Policy Handbook, Title I," Pages 585, 589. " Handbook 4000.1, FHA Single Family Housing Policy Handbook, Title I," Pages 590-591. " Handbook 4000.1, FHA Single Family Housing Policy Handbook, Title I," Pages 588-589. “ Do FHA Appraisals Expire and May the Validity Period be Extended?” " FHA Repair and Inspection Requirements for Existing Properties and Revisions to FHA Appraisal Protocol,". " Individual Condominium Unit Appraisal Report." " Handbook 4000.1, FHA Single Family Housing Policy Handbook, Title I,". " Handbook 4000.1, FHA Single Family Housing Policy Handbook, Title I," Pages 566-569.įannie Mae. " HUD HOC Reference Guide: Repair Conditions, Chapter 1, Appraisal & Property Requirements (ARCHIVE)." " MPS Supplementing Model Building Codes." The lender will then sell the house as a way of reclaiming as much of the money still owed on the loan as possible. In other words, if the borrower stops making the mortgage payments, the mortgage lender will eventually foreclose and take possession of the house. When a homebuyer takes out a mortgage, the property serves as collateral for the loan. Alternatively, buyers who can't qualify for an FHA loan may use another loan product, such as an FHA 203(k) loan, which allows the purchase of a home that has significant problems.Workarounds for meeting the standards include having the seller make repairs themselves before selling the property.The FHA does not require the repair of cosmetic or minor defects, deferred maintenance, and normal wear if they do not affect the safety, security, or soundness of the home.Homes financed with FHA loans must meet safety, security, and soundness standards, which include areas like roofs, electrical, water heaters, and property access, among others.Federal Housing Administration (FHA) loans have requirements, including minimum property standards, which help protect lenders and buyers.
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