Updated over 9 years ago on . Most recent reply
FHA & Inspection Requirements
Let me start off by saying that I have reviewed the two documents of FHA loan requirements. With that said, please help me with this if you can.
I am looking to buy my first multifamily property and owner occupy using a FHA loan.
I have done extensive research about the requirements of a property undergoing a FHA loan. I feel like I have a good handle on what is to be expected, however, it is clearly up the inspector that comes.
With that said, I have been looking at multiple properties where the seller is " unsure" if the property will pass FHA or not. Is there a way to know if it will pass FHA? It really hinders the negotiating process because the inspector might uncover more repairs. However, I don't want to pay X amount of dollars to see if the property will pass.
There is a four plex that I am currently looking at. I believe all that it needs is paint throughout. The seller asked his real estate buddy if the property would sell fha and his realtor friend told him " I don't think so". Is the only way to be 100% sure if it would pass is to hire an outside FHA inspection before my lender requires one? As a first time home buyer, I am lost. Please help.