Questions about FHA inspections for a loan?
I have been getting so many mixed answers from realtors, mortgage companies etc.
Some have told me the inspections aren’t that strict, basically just health and safety ie. no mold, structurally sound, etc.
I have however have others told me that there must be carpet or flooring. Paint must be in good condition. Must have appliances, etc.
I am pretty handy and was planning on buying a fixer upper, nothing major but cosmetic stuff. I’m afraid I’ll wind up getting all excited, wasting money on an FHA inspection only to find out I can’t get the loan.
What exactly is a deal breaker when it comes to FHA inspections? Also, I have heard something bad on an inspection doesn’t mean you can’t get the loan, just means it has to be fixed. If the seller isn’t willing to pay or say it’s a bank propterty the buyer can get it fixed right? My question about this is why would someoen put money into fixing a house they don’t own when anything could happen such as you can’t get the mortgage but you sunk 5k into fixing this house?
What is hte 203k loan? Is it basically an assurance you will get the house providing you do the repairs with the 203k money?