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We got tired of waiting on the short sale... so we found
3 bedroom 2 bath
1,940 Square Feet and 2 car garage
$104,000
it's apprasied at $125K, now we have inspection... the carpet is a little tore up and the walls need paint. will the FHA disqualify me for the way the house looks? im not really famlier and how it works? can someone help me out?
It has been over 20 years since I last dealt with FHA, but as I recall cosmetics did not play into their inspection much if any. Depending on the condition of the carpets, it might be considered a livability issue, but if not that bad it is not a problem.
They mainly look for structural and safety type issue. Do you have termites, defective septic system, bad plumbing, electric not up to code.....that kind of thing will mandate repairs before loan funding.
Congrats! You should be fine with FHA (with carpet and paint) if the condition of the house is good and there are working appliances (you won't need a refrigerator), a functional bathroom and as Johnrex 62 said no structural or saftety issues and a satisfactory roof. Congrats again!
I was first looking at an FHA loan and my lender said HIS FHA guy would pass darn near anything, however, the one thing they DO NOT like for FHA inspections is chipped paint. If the house has chipped paint, he recommended (if the house was uninhabited) I go in for a second showing, sand it down and slap some paint over top. Not that you're trying to make it invisible, but that it "glues" down the chipped area. Now that's just what my guy recommended on the down-low for a foreclosed home I was looking into. We did not end up making an offer on that house, however, so I cannot tell you much more.
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