I am in the middle of refinancing my home, went FHA on the advice of the lender. I now find out that all

Asked by Vardah, Camp Hill, PA Fri Apr 10, 2009

peeling paint has to be scraped and repainted, includnig the small garage out back, to the tune of $2,700. I don't have the money to do this, and taking it out of the closing would negate the reason for the refi. What happens if I just don't do this?

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Mim Heisey, , Shippensburg, PA
Sat Apr 11, 2009
While the requirement to take care of peeling paint may seem to you like a negative thing, look at it on the other side: What you are being asked to do is for the benefit of your property! If you have peeling paint, the top protective layer of protection on your property is deteriorating. It will not only improve sales value, if you decide to sell soon, it is something that needs to be done to keep ypur underlying property from deteriorating.
---and Jefferson has a very good point as well. Find out what it will cost. Get several estimates and get the jobdone.
It will be money well spent whether you are re-financing or not!!

Hope that helps.
1 vote
Plano, , Plano, TX
Sat Apr 11, 2009
Just a suggestion, if you can't do the repairs on your own, see if a neighbor kid, looking for summer work would do it. You can just provide the paint and a few hundred dollars to the teen doing the work! ??
0 votes
Jeff K, Home Buyer, Bristol, PA
Fri Apr 10, 2009
Hi Vardah,

Granted - I may be totally talking out of turn here. BUT ... I have some experience as a home owner and have done ALL my own trim painting - except for one small section so high up that I hired a guy for $200 for that.

Is it only the trim that's a disaster or paint over large areas of wood shingles, etc? Even if it's "a lot of stuff" you would be truly surprised at how much work you can get done with a couple of guys that you get from Craigslist - and you - all working together. Contractors are starving for work - especially in your area. I bet that everything you are facing can probably be done for $500-700 in 2 days time.

Would you please provide the full info on all that "needs to be done"?
0 votes
Ed Fallon, M…, , West Chester, PA
Fri Apr 10, 2009
If your current loan is an FHA loan, than you can switch it to an FHA Streamline Refinance Without An Appraisal. Assuming that is not the case, you will either have to do the repairs, or switch the financing to a conventional loan.
0 votes
Brooke 'The…, Agent, Camp Hill, PA
Fri Apr 10, 2009
Vardah - You could go to the bank/lender who is taking care of the refi for you and ask them this question.
I am somewhat concerned that your lender DID not explain all the requirements for FHA.
Have you thought of just going Conventioanl Refi? It is much easier but the rates may not be as appealing or you would have to qualify the 'cost' of refinancing this way as opposed to FHA... I sincerely hope you call your lender! - Good luck and best wishes on yor financing.
Brooke Rhodes - Certified Distressed Property Expert, CDPE, Realtor, RECS.
Web Reference:  http://www.pahotlistings.com
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