In order to meet FHA property requirements, the house must have proper grading on all sides. This means the ground must slope away from the house to allow for proper drainage. water should drain away from the perimeter walls, not toward them.
FHA Does Not Require a Home Inspection – Just an Appraisal. The FHA loan program is managed by the Department of Housing and Urban Development (HUD). It is HUD that establishes all rules and guidelines for this program. HUD does not require FHA borrowers to have a home inspection. But they strongly encourage it. Note the difference.
What Are Minimum Property Standards? According to the U.S. Department of Housing and Urban Development (HUD), the FHA requires that the properties financed with its loan products meet the.
First Home Buyer Requirements Many first-time buyer programs require at least one borrower who is a "first-time buyer," but that doesn’t mean you won’t qualify if you have purchased a home before. The definition of "first-time buyer" generally means a borrower who has not purchased a residential property within the past 3 years.
In fact, your credit score can be as low as 500 and you may still qualify for a loan, within certain guidelines. fees, inspection, credit report and broker fees and commissions, origination charges.