Anyone have experience with FHA?

marie580 · October 2012

We finally got a decent offer on our house...yay! We found out that the buyers are using an FHA loan. I know these loans are more picky and appraisals are tougher. The thing is, we are underwater on our mortgage and will be bringing money to closing, so we don't have tons of money to throw into inspection results. I don't expect anything big to come up in inspections (we bought 5 yrs ago and had an thorough inspection at that time), but I'm worried about FHA! Also, our house was built in the 1860's and therefore has older home "quirks" (sloping floors, crooked doorjambs, etc.)

Anyone have buyers with an FHA? How was your experience? Thanks!

katehannan2003 · October 2012

Not a seller, but we recently purchased through FHA- an 1820 antique. We were also concerned over the appraisal and inspection, and read up on everything the appraiser might find wrong- mostly safety concerns, like chipping paint and code issues. However, everything we read stated that it depended completely on the appraiser- which isn't the most helpful, but it certainly prepared us for the worst. In fact, the appraisal came in spot on and there were no items flagged for us to mitigate. We closed and are happily learning more and more about our new house and its character. Good luck!

marie580 · October 2012

Thank you! That makes me feel better

atlcatlover · October 2012

We just sold a house to an FHA buyer and got royally screwed on the appraisal. Our final sales price was actually LESS than the initial offer. It was awful. The appraiser used inappropriate comps, and when both real estate agents pointed out the errors he didn't care and told us to take it or leave it. I hope you have a better experience. We were also coming to closing with money and his appraisal made us shell out 25% more than we had planned.

chrisnjay05212010 · October 2012

we were buyers not sellers. But i agree it totally depends on the appraiser. We were worried about it because our basement/garage is all one open space so the inspector said it might be a problem for the FHA. Turns out the FHA appraiser just drove by the house, didnt even go inside. We had no idea he was even going. They appraised the house higher than what we were mortgaging and that was that. Best of Luck!

gracie2762 · October 2012

We bought a short sale house with an FHA loan and the house was as-is so we had to make the repairs ourselves. Some of the items we had to fix were chipped paint on the fascia/soffitt, replace a bathroom fan and remove mildew caused by lack of working fan, repair ripped carpet and add a railing for the stairs. Our front steps are slightly lopsided but they didn't care about that.

Anyone have experience with FHA?

Re: Anyone have experience with FHA?

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