Question Details

Jody, Other/Just Looking in Hesperia, CA

What makes a house qualify or not qualify for a FHA or VA loan?

Asked by Jody, Hesperia, CA Mon Dec 29, 2008

Help the community by answering this question:

Answers

2
LOTS of things- Here is a few items I have run into that have or will disqualify a home for Federally backed funding.... Many of these items can be fixed prior to the close of escrow if you have a seller willing to do the required repairs. Also, the seller must agree to pay certain closing cost items on your behalf in these types of loans.
1. Less than 18 inches clearance under the home if it is not on a slab.
2. Termite or dry rot infestations on the main structure and attached garage.
3. Lack of heating or cooling.
4. Lack of window screens, or window locks.
5 Lack of hurricane ties under the home if it is a manufactured home.

These days, most homes will qualify for FHA or VA, they are not nearly as picky as they used to be! Ask your lender what to look for in your particular area when chosing homes to see for your FHA or VA loan- they will be much more familiar with the common obstacles to these types of financing in your area. Best of luck to you!
1 vote Thank Flag Link Mon Dec 29, 2008
Holly is right. They have really loosened up guideline on FHA and VA over the years. I always suggest getting a home inspection to protect yourself.
0 votes Thank Flag Link Tue Dec 30, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer