What is the most current HUD Handbook?
Single Family Housing Policy Handbook 4000.1
The Federal Housing Administration’s (FHA) Single Family Housing Policy Handbook 4000.1 (SF Handbook) is a consolidated, consistent, and comprehensive source of FHA Single Family Housing policy.
What is the newest version of the HUD Handbook?
FHA Publishes New Handbook 4000.1 Update Today, the Federal Housing Administration (FHA) published a new update to the Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1). The updates include enhancements and revisions to existing guidance as well as various other technical edits.
What are FHA requirements on house condition?
What Are the FHA’s Minimum Property Standards?
- Safety: The home should protect the health and safety of the occupants.
- Security: The home should protect the security of the property.
- Soundness: The property should not have physical deficiencies or conditions affecting its structural integrity.
Does FHA require flooring?
Flooring – all floors must be covered with an acceptable floor covering (i.e. hardwood floors, laminated flooring, vinyl flooring, tile, carpet, etc). Plywood flooring is not an acceptable floor surface.
How long are FHA appraisals good for?
The FHA appraisal validity period is 120 days. (2) the borrower signed a valid sales contract prior to the expiration date of the appraisal. An appraisal update must be performed before the initial appraisal, with no extension, has expired.
Can a borrower have 2 FHA loans?
You can get multiple FHA loans in your lifetime. But while you don’t need to be a first-time homebuyer to qualify, generally speaking, you can only have one FHA loan at a time. This prevents potential borrowers from using the loan program to buy investment properties.
What fails an FHA inspection?
The overall structure of the property must be in good enough condition to keep its occupants safe. This means severe structural damage, leakage, dampness, decay or termite damage can cause the property to fail inspection. In such a case, repairs must be made in order for the FHA loan to move forward.
Does FHA require original photos?
Appraisers are required to take or provide photos of comparable sales, listings, pending sales and rentals. The photos must be taken at an angle to cover both the front and the side of the property, when possible. MLS photos are acceptable to show the condition at the time of sale.
Why would FHA not approve a home?
If a home is too close to a high-pressure gas pipeline, high voltage electrical wires, mining or drilling operations or other hazards, it may not be possible for your lender to approve the loan.
How fast can a FHA loan close?
It takes around 47 days to close on an FHA mortgage loan. FHA refinances are faster and take around 32 days to close on average. FHA loans generally close in a very similar timeframe to conventional loans but may require additional time at specific points in the process.