FHA loans are government backed home loans that provide benefits to homebuyers and are a fairly common form of financing in a home purchase. Both buyers and sellers should be aware of what the requirements are for FHA loans to ensure a smooth home sale.
For example, there are FHA requirements for the condition of the property that will prompt repair requests to address in order for the loan to close. In general, FHA’s biggest repair concerns are:
- Health and safety issues
- Protecting the security of the property, and
- Structural soundness of the property.
Here is a list of some FHA repairs that must be completed prior to closing an FHA loan (this is not an exhaustive list, the FHA appraiser and/or underwriter may have specific requirements):
- Peeling paint (homes built before 1978)
- Exposed wiring
- Major plumbing issues and leaks
- No pressure relief valve on water heater
- Inoperable HVAC systems
- Foundation or structural defects
- Inoperable kitchen appliances
- Ripped screens and broken or cracked windows
- Active and visible pest infestation
- Rotting window sills, eaves, and support columns on a porch
Call or email us today if you are looking to buy or sell a home in metro Phoenix. We are here to help!