Updated about 3 years ago on . Most recent reply
FHA Loan requirements
BP community I have recently ran into a roadblock with my FHA requirement. This morning I viewed an investment property to house-hack. The listing agent told me that the house would not pass the appraisal/inspection. This house needs improvements.. I would not possibly be able to finish any fixes that could be flagged during the appraisal/inspection. My lender did not mention any information regarding the stability of the property. Is this true?
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Thats the issue when using FHA product. The home needs to meet their guidelines what they consider livable property as that what that product is intended for to buy your primary home with low upfront down payment. The lender should have advised you on this scenario. You might have to switch to conventional or look for another property that will pass FHA inspection.