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We're shopping with a pre-approved FHA loan. We happen to love old houses. What kinds of problems will kill an FHA deal? The first house we looked at was pristine re: structure but had lead paint, I'm sure. Our Realtor said that would be an FHA deal breaker. Really?
Our Realtor said that would be an FHA deal breaker. Really?
In short... just about anything that old home buyers refer to as 'charm' can tip the scales.
Then you get into the actual habitability, structural, safety and similar major league issues.
And yes... LEAD paint can be both a safety and habitability problem.
The FHA concern is about WHEN you go belly up and THEY need to sell to recover their money.
They don't want to open themselves to the trouble/risk.
We're shopping with a pre-approved FHA loan. We happen to love old houses. What kinds of problems will kill an FHA deal? The first house we looked at was pristine re: structure but had lead paint, I'm sure. Our Realtor said that would be an FHA deal breaker. Really?
The only deal killer happens when seller/buyer refuse to address items prior to, or shortly after close.
Peeling paint, wood rot, rotting soffets, exposed wires, lack of functioning appliances, a swimming pool that is empty or green, foundation or roof issues, cracked windows, loose or missing railings or steps, holes in drywall, loose or missing floor tiles, Electrical boxes that are not up to code, issues in the attic (that are visible in pics), Well/septic inspection issues, dryrot, appraisal not supporting the purchase price...
You can buy an old home with an FHA loan. Pfhtex summed it up really well. In Oregon, they also require water heaters to have earthquake strapping, the proper smoke and CO detectors, and any old woodstoves removed in accordance with Oregon laws.
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