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We are searching for our first home and I am worried about the requirements for the FHA inspection. Our price range is going to limit us to foreclosures and most of them are not too pretty, none of them have appliances and they will need a little work (which we are willing to do). I understand their standards are much stricter than a regular home inspection, does anyone have any experience with these? Horror stories, not so bad stories?
I suggest getting with a Realtor if you don't already have one. They will help guide you through what FHA guidelines are as well as a loan officer that is experienced in FHA loans. Normally, the home requires flooring, appliances (stove/oven) and sink (need to work), no rotten wood, no broken windows, no structural defects, and more. If you are dealing with foreclosures, you might want to look into a different type of loan. They do have a 203K rehab loan (which you can fix up a home), but there are restrictions on those as well. There is money out lay also.. so you may think you have a home that qualifies for FHA financing, and then you do an inspection, and find something that is an issue for an FHA loan and the bank or owner won't repair what is necessary, then you loose that money as well as the house. The best advice is to get with a good real estate agent and lender to help you figure out the best course of action to take.
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