Topic: Buying with an FHA loan
Buying with an FHA loan
My husband and I are ready and able to buy a house in north Petworth if we could use an FHA mortgage (we only have about 5% saved for a downpayment), but we lost another house (in a different neighborhood) due to condition issues, and that was with a conventional loan! I know that FHA loans require the home to be in good enough condition, but nobody seems able to give me a straight answer on what good enough means! I see many single family homes coming up in the $300-350K range in Petworth, and many of them are recently renovated and very nice and liveable, but I guess I’m gunshy from my prior experience. I was wondering if anyone has bought an older, but renovated, home with an FHA loan (especially in Petworth) and could give me some advice. Are houses that are nearly 100 years old just going to have too many issues to close with the FHA loan? Any insight would be appreciated!