I am purchasing a 4-Plex in Massachusetts built in 1912. This means the house most likely has lead based paint (on the inside- outside is vinyl).
Has anyone ever purchased a home with lead based paint while using an FHA loan?
Any guidance / stories would be great.
Yes, I purchased a 4-plex in June of 2013 in Worcester, MA no issues with lead paint and I have since had 2 of the units tested confirming there is lead-based paint. I think FHA is more concerned with paint that is flaking off than the actual lead.
@Mike Hoefling Thank you very much. That was what I had been reading/ wanted to hear.
The selling agent was very concerned about moving forward and having this be a possible issue at closing.
- I'll put an update on this thread when we move forwards.
I can confirm this. I purchased a two family built in 1901 in December of 2013 in Clinton MA. While I had to do a number of repairs before closing to satisfy the FHA loan requirements, they never raised any concerns about lead paint. After closing on the property I had it tested and it was found to have lead paint.
The FHA doesn't care about lead paint but MA has very strict laws about renting out apartments with lead paint to families with children under 6 years old. Look up the laws surrounding this as it can be a huge liability in MA. I have been troubled with this in the past.
Good luck on your property!
I agree with the comments above. They are more concerned with the lead based paint if it is flaking off. They will be concerned about it becoming dust and becoming airborne. If you plan to rent out the units to tenants with children under 6 you will need to bring in a professional to delead the property and get certifications to prove it was down by a licensed contractor to protect yourself. Here is a useful link as well. Keep us posted! Best of luck!
@Mike Aschettino Thanks, Mike. I plan on deleading the units I just didn't want it to hold up closing on the house. The sellers also offered to do it but only if they could add the cost to the purchase price.
@Robert Adams Thank you. The paint inside the home is in good shape with no flaking or chipping. Should have the FHA approval done by weeks end and I will update.
what are some of the repairs that were required to get the FHA loan?
Hi Michelle I ended up walking away from this deal. And the next deal I did I used conventional financing.
Google or Type FHA loan into biggerpockets search bar and you will have plenty of good info to chew on.
A bank lender doing an FHA will do their appraisal on the home. I would call a couple local lenders and ask if they have a break down of what their appraisers are especially looking for.
Welcome to BP and goodluck
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