Updated over 5 years ago on . Most recent reply
FHA Loan requirements??
My Uncle has come forth with a proposal to finance my first rental property.
The property is a single family 5BR 1.5 bath 2,025SqFt with driveway parking located in Paterson New Jersey. This property was actually my grandparents and now it is in the process of being emptied out to prepare for sale.
My uncle, the executor, plan is to rehab the house so it meets the FHA's regulation standards for anyone who would potentially be buying the home in were to happen in the future. Example: If I needed to move out of state.
I am all for this plan because it will be paid for by the estate. Many walls and ceilings will be refinished and painted and some other small problems will be fixed as well.
My question is: Is anyone familiar with the FHA requirements for the conditions of a SFR before sale? Or would anyone be able to point me in the right direction to speak to someone in the NJ area?
This is my first step that needs to be completed in the process. This way before rehab starts my uncle is able to know exactly what will need to be fixed.
I understand that if he would be privately lending to me the house could be sold as is. He will not finance for this property unless it is "FHA Ready" so at any point during the next 25 years I am able to sell it quicker if I had to.