Asked by David Nuss, Salem, OR • Sun Mar 25, 2012
It seems like most realtors and loan officers I talk with have quite a varying degree of understanding on what FHA expects to be done by the seller to satisfy an FHA loan in regard to the condition of the home. Answers run any where from anything the buyer wants done to everything on the Pest and Dryrot Inspection report.
My brief research on the topic (it is not all inclusive) found that homes purchased with a FHA loan must met a three way test - Safety, Security and Soundness.
* Safety: protect the health and safety of the occupants
* Security: protect the security of the property (security for the FHA insured mortgage.)
* Soundness: correct physical deficiencies or conditions affecting structural integrity
The P and D report form is now a Wood Destroying Insect report - notice Dryrot is not included.
â€¢When a clear inspection report is required on an existing property seeking FHA mortgage insurance, NPMA-33 form, Wood Destroying Insect Report must be completed.
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