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hoangad
2937 Posts |
 Posted - 05/05/2008 : 10:14:14 AM
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Does is matter if prorpety is rurual for FHA loans?
Are there certain requiremetns?
Please let me know.
thanks! |
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hoangad
2937 Posts |
Posted - 05/05/2008 : 10:21:32 AM
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| bump |
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EquitySmart
1240 Posts |
Posted - 05/05/2008 : 10:26:58 AM
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| You get a little more latitude for distance of comps, but the main thing (as with all other loans) is finding good comps for the subject property - otherwise no real difference |
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ML
3108 Posts |
Posted - 05/05/2008 : 10:42:52 AM
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| Need well water quality test, bacteria & coliform; might need septic system dye test, if issues noted; appraisal is house and 5 ac. only. don't forget lead paint, mold, pest inspection, flood plain? |
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RodneyLO
832 Posts |
Posted - 05/05/2008 : 10:45:08 AM
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quote:
Originally posted by hoangad
Does is matter if prorpety is rurual for FHA loans?
Are there certain requiremetns?
Please let me know.
thanks!
If the property is rural, don't forget about USDA RD...$0 Down. |
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RGK2394
1245 Posts |
Posted - 05/05/2008 : 10:46:53 AM
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| I haven't run into any issues on FHA rural properties-business as usual. |
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kalee3415
196 Posts |
Posted - 05/05/2008 : 10:55:22 AM
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| You are going to have to have a septic & well inspection. Septic is done through a dye test. Well water will have to be tested for lead, bateria, nitrates, & nitrites. Their are also clearance requirements such as well being 10 ft from preperty line, 50 ft from septic tank, 100 ft from septic drain field, etc. You are not over 10 acres are you? |
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BB
989 Posts |
Posted - 05/05/2008 : 11:26:45 AM
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quote:
Originally posted by kalee3415
You are going to have to have a septic & well inspection. Septic is done through a dye test. Well water will have to be tested for lead, bateria, nitrates, & nitrites. Their are also clearance requirements such as well being 10 ft from preperty line, 50 ft from septic tank, 100 ft from septic drain field, etc. You are not over 10 acres are you?
Unless the appraiser notes issues you shouldn't have to do well or septic tests per current guidelines. |
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hoangad
2937 Posts |
Posted - 05/05/2008 : 12:30:42 PM
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| thanks everyone!!! |
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