Thanks for sharing your article Kim Harlington!
Whether you are buying or selling residential real estate, you need to understand FHA loans. Why? Because they own or have control over almost all of the mortgages now being funded. If you don’t know the standards they require in a residence, your purchase or sale will fail – Ouch! Here are the critical basics:
1. The home must be habitable: That means weather tight roofing, siding and windows; a working furnace and hot water tank; undamaged flooring, and functioning plumbing.
2. The home must appraise at or above the selling price: If it appraises too low, FHA will not approve the loan.
3. If you own a condo, your condominium complex must meet FHA standards for condominiums: It must meet their guidelines for the number of units completed, the number of units that will be owner-occupied, and the percentage of condominium dues that are up to date.