FHA appraisal

mbaldwinApril 3, 2012

We recently had our house appraised for an FHA loan. I was a little mad at the banker when I found out it was an FHA loan he was trying to get for us, because our credit is better then that, and it just did not make sense on a 100 year old house. The one thing I am in disagreement with on the bank is about our sidewalk. they said it needs replaced before we can close. Now everything I can find indicates that the FHA no longer requires sidewalks to be replaced. It is not perfect, but it is better then a lot in town. There is no missing chunks, just some cracks and raised areas here and there. Am I stuck replacing it if I want the loan, or is there some FHA official information I can send my banker that states that the FHA does not require sidewalks to be replaced? Or do I just count my appraisal fee is a lesson and banks, and look for a different bank and specify no FHA.

Thanks,

Michael

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weedyacres

Can't you get a conventional loan via this bank? Why do you have to start over elsewhere?

    Bookmark   April 3, 2012 at 1:22PM
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pinusresinosa

All loans have around the same minimum credit requirements, so I wouldn't get offended by that. FHA is nice when the buyer doesn't have a lot of money to put down on a home... maybe that's why your banker set you in that direction?

Anyway, a broker can do a great job of getting the loan package that works best for you and for the home you want. If you're thinking about switching, I'd look into a broker if you're not well versed yourself. AND I wouldn't completely discount FHA right away either.

    Bookmark   April 8, 2012 at 2:38PM
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