Financing in Hull>Question Details

Joshua, Home Buyer in Hull, MA

FHA refi loan. Appraisal mentions "peeling paint" needs to be repainted. Problem is that it is winter and can't paint till

Asked by Joshua, Hull, MA Wed Mar 2, 2011

>April. Solution?

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Hi, Joshua

They do make a special exterior cold weather paint that should be readily available in any major hardware chain. But then the next question is how big of a job is it; and, depending on that, is it something you canf easible tackle in this weather. Hopefully you can, because given this market, your home's current value could drop even more by the spring. If you can, do it now.
1 vote Thank Flag Link Thu Mar 3, 2011
0 votes Thank Flag Link Thu Mar 3, 2011
Joshua the issue is not the bank, unfortunately FHA won't issue the "Mortgage Insurance' unless they have assurances the home is protected from the elements. No insurance means more liability to the bank and the loan can't be securitized.
The bank may allow you to escrow the cost to cure the deficiencies in the home as noted by the appraisor, but realistically you probably have to wait till the home is painted.
In the mean time get the loose paint scraped so you can get the paint on if a window of opportunity presents itself. Good Luck.
0 votes Thank Flag Link Thu Mar 3, 2011
Find someone who is well versed in FHA to research that for you. It is a good question and when you find the soultion let us know. They may allow a hold back or something.
0 votes Thank Flag Link Thu Mar 3, 2011
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