What criteria does a home have to meet for an FHA loan?

Question

We are qualified for an FHA loan on a home. I have heard that FHA appraisers are very strict when looking at a house. Problem is that when we make an offer on a house, they charge $460 for the appraisal. If the home fails to pass we have to pay the $460 again to try another house. Can anyone tell me exactly what the guidelines are on an fha loan? This $460 gets very spendy more than once. 

Also, any info or tips on the buying proccess will get you an immediate "best answer".
Thanks in advance!

Lisa L · Accepted Answer

FHA states a home must be safe, sound & sanitary.  The restrictions are not as bad as they used to be.  More than 3 steps better have a handrail.  Better have ground fault plugs in kitchen & bathrooms.  An inspector should know what to look for & your agent should be up on it too.  After inspections you can ask the seller to do repairs.  If they won't, then walk before you let your LO order the appraisal.

Your agent should be knowledgeable about FHA guidelines.  If not, get an agent who is.

x4294967296 · Answer

The best solution might be to only make offers on houses that have already been qualified for FHA loans.  If it's not qualified yet, the owner might want to qualify it to make it easier to sell.

I'm not sure how that works with houses, but I know that for a condo to be qualified, the whole condo complex has to be qualified.  I also know that a lot of real estate brokers advertise some houses as being qualified for FHA loans.

nascar88gyrl · Answer

A reputable real estate agent should not show you houses whose appraised value is not equal to your contract price.  Are you sure you didn't mean FHA inspector?

What criteria does a home have to meet for an FHA loan?

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