We have received the “more-than-normal” questions about the FHA 203k streamline program recently – probably due to the high numbers of bank-owned properties that are currently for sale all across the valley.
If you have been shopping for homes, it is no mystery that when a property is currently owned by a lender, often times, it needs a “little bit of work”. How do you know if a property will pass an FHA inspection for a “regular” FHA loan? Well, if it needs a “little bit of work” and the work entails one of the things below, your property will probably qualify as-is for a “regular” FHA loan because these are considered cosmetic things.
Arizona FHA Loan Cosmetic Repairs
- Missing Handrails
- Cracked or damaged exit doors that are otherwise operable
- Cracked window glass
- Defective paint surfaces in homes constructed post 1978
- Minor plumbing leaks (such as leaky faucets)
- Defective floor finish/covering
- Evidence of previous (non-active) wood destroying insect/organism damage
- Rotten or worn-out counter-tops
- Damaged plaster, sheet-rock or other wall and ceiling materials in homes
- Poor workmanship
- Trip hazards
- Crawl space with debris
- Lack of all-weather driveway surface
Does the house you are considering need repairs? Are they considered cosmetic or something “more than cosmetic”? If they are more than cosmetic, it doesn’t mean that you can’t get an Arizona FHA loan, it just means that you will want to look at the FHA 203k streamline program as one of the best options available for homes that need a little more work done than just cosmetic work.
More From Arizona Mortgage Team
- Arizona FHA Loans: Most Lenders Now Requiring A Minimum 620 Credit Score For Arizona FHA Loans
- FHA 203k Streamline: Why Choose The FHA 203k Streamline?
- How Do FHA Loans Work? 2009 FHA Loan Limits
Arizona Mortgage Team Recommends
- How to Write a FHA 203K Purchase Offer | 203K Loans | HomePath Renovation Mortgages – Georgia, Florida, Alabama, SC (203K Mortgage Loans)
- FHA 203K Loans – The Process (203K Mortgage Loans)
