If there is a statement regarding the property not being eligible for FHA financing, then this is because there are some issues with the home that deem it ineligible for financing.
FHA is concerned about the following features on a property:.
Safe Access To The HomeFHA-insured homes must be accessible for a pedestrian or vehicle from a public or private street with an all-weather surface. If the access street is privately owned, it must be maintained by a homeowners association or via agreement with other homeowners.
Absence Of HazardsThe FHA requires that its insured homes be free of health and safety hazards. This may include excessive pollution, radioactive materials and mudflows, among other hazards. If these hazards exist, homeowners can provide evidence that their risks have been mitigated and re-submit to the FHA for approval.
Full Exterior WallsFHA mortgage guidelines require that structures on a property, or at a property line, be separated from adjoining buildings by a full-height wall. If the full-height wall is an outer-most exterior wall, the FHA requires that there be enough space between buildings in order to perform wall maintenance, as needed.
Property DrainageFHA-insured properties must be graded so that water drains away from building perimeter walls, and so that water does not pond on the property.
Sound ConstructionThe FHA requires that its insured homes be free of defective construction, poor workmanship, evidence of continuing building settlement, excessive dampness, leakage, decay, termites or any other condition that impairs its safety, sanitation or structural soundness.
RoofingFHA-insured homes must have a roof which is water-tight and shows no evidence of missing tiles, shingles, or flashing; or signs of leakage.
FHA is concerned about the following features on a property:.
- Marketability - The entire home is collateral for the loan.
- Public Access - The property must be accessible without any easements or encroachments .
Safe Access To The HomeFHA-insured homes must be accessible for a pedestrian or vehicle from a public or private street with an all-weather surface. If the access street is privately owned, it must be maintained by a homeowners association or via agreement with other homeowners.
Absence Of HazardsThe FHA requires that its insured homes be free of health and safety hazards. This may include excessive pollution, radioactive materials and mudflows, among other hazards. If these hazards exist, homeowners can provide evidence that their risks have been mitigated and re-submit to the FHA for approval.
Full Exterior WallsFHA mortgage guidelines require that structures on a property, or at a property line, be separated from adjoining buildings by a full-height wall. If the full-height wall is an outer-most exterior wall, the FHA requires that there be enough space between buildings in order to perform wall maintenance, as needed.
Property DrainageFHA-insured properties must be graded so that water drains away from building perimeter walls, and so that water does not pond on the property.
Sound ConstructionThe FHA requires that its insured homes be free of defective construction, poor workmanship, evidence of continuing building settlement, excessive dampness, leakage, decay, termites or any other condition that impairs its safety, sanitation or structural soundness.
RoofingFHA-insured homes must have a roof which is water-tight and shows no evidence of missing tiles, shingles, or flashing; or signs of leakage.