Is Flooring Required For Fha

Otherwise a new appraisal is required and the process starts all over again although a 30 day extension is possible under some circumstances.

Is flooring required for fha.

This issue is not clear because at one time fha deemed it as an acceptable floor. This handbook can be downloaded from the fha official site at www fha gov. Fha mortgagee letters have in the past indicated that exposed sub flooring or missing carpet can be grounds for issuing a correction. When a realtor was asked what the three fha s s were he replied stupid more stupid and seriously stupid fha appraisers which i thought was.

In this question the reader states that the missing carpet does not pose a health hazard but in previous fha mortgagee letters the official position from the fha was that missing carpet could be considered a hazard and must therefore be corrected. Safety security and soundness. How a real estate short sale works. The appraiser is to note those repairs necessary to make the property comply with fha s minimum property requirements mpr or minimum property standards mps together with the estimated cost to cure.

If your credit score is below 580 the down payment requirement is 10. Fha is very concerned with the three s s. Fha guidelines state that a house has to meet mpr minimum property standards for existing houses and mps minimum property requirements for new construction. More specifically the model codes do not contain any minimum requirements for the durability of such items as doors windows gutters and downspouts painting and wall coverings kitchen cabinets and carpeting.

It is required on certain fha loans. This is one of the biggest hot spots for an fha appraiser and rightly so. The fha requires that loans must close within 120 days of the appraisal and the original appraiser must return to the property within this timeframe to confirm that any necessary repairs have been made. The lender will determine which repairs for existing properties must be made for the property to be eligible for fha insured financing.

A quick scan of hud 4000 1 doesn t reveal a specific requirement for the nature or construction of wood flooring in basement areas but that leads us to a very important point where issues like these are concerned. Up front mortgage insurance is a type of mortgage insurance policy made at the time of the loan. Fha loan applicants must have a minimum fico score of 580 to qualify for the low down payment advantage which is currently at 3 5. Homes and projects financed by fha insured mortgages are the collateral for these loans and their lack of durability can increase fha s financial risk in the event of default.

A quick glance under a sink to see rotting floors and moldy walls will nix a loan every time.