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Structural problems and defects, including any signs that the property has foundation damage or wall damage. The inspector may, for example, take a look at any water marks on the walls or ceiling, or search for s in the foundation. Accessibility concerns.
FHA has strict requirements for property condition compared to other lending programs. Some Things FHA will not accept is any peeling paint in a home built before 1978 (possible lead paint), roof leaks, plumbing or electrical issues among may othe
Despite the lenient FHA loan requirements, being denied is possible. The three primary factors that can disqualify you from getting an FHA loan are a high debt-to-income ratio, poor credit, or lack of funds to cover the required down payment, monthly mortgage payments, or closing costs.
The FHAs minimum property standards cover three requirements: Safety: The house should provide a safe and healthy environment. Security: The property should offer its occupants protection. Soundness: The home shouldnt have any structural defects.
Unfortunately FHA tends to require the building to be 80% owner occupied so a lot of HOAs may choose not to seek FHA approval. If the building isnt on FHAs approved list there is no way to buy that particular unit with a FHA loan.
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Health and safety concerns: Properties with potential health and safety hazards, such as lead-based paint, asbestos, or mold, may not qualify for an FHA loan. The FHA prioritizes the well-being of borrowers and aims to ensure that the homes they finance are safe and healthy environments for residents.
How to qualify for an FHA loan in Maryland Minimum credit score of 500 or 580: You can qualify for an FHA mortgage with a minimum credit score of 500. Minimum down payment of 3.5% or 10%: The minimum down payment for an FHA loan is 3.5%, but if your credit score is 500 to 579, youll need to put at least 10% down.

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