Is there a minimum amount of repairs required for an FHA 203k?
By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
Is there a minimum amount of repairs required for an FHA 203k?The FHA standard or full 203k has a mandatory requirement of a minimum of what I call "must do work" or work that would qualify the structure (1-4 units) for the program. Those, for the most part, are health and safety, or "of necessity" items that would allow the structure a likely chance, with typical home owner maintenance, of lasting as long as the 30-year mortgage that is being placed on the home.Simple things like front porch posts that hold up the front porch roof structure are rotted out at the bottom would be "of necessity" or "structural repairs". Termite work is typically an easy way to reach the $5,000 threshold. It doesn't take much to get to that $5,000.In addition to this if your home is pristine and you merely...