That probably won’t pass FHA, But Dale brought up a good point. It is not usually a good idea to cure debt with a loan against your home.
From: DoIt_Yourself@yahoogroups.com [mailto:DoIt_Yourself@yahoogroups.com] On Behalf Of Michael Baldwin
Sent: Monday, March 05, 2012 1:30 PM
To: DoIt_Yourself@yahoogroups.com
Subject: RE: [DIY] FHA appraisal
Wow, they are picky.
It is a 1912 house, so I do have some concerns about it passing. I think my biggest concern is the wiring. Although it has been updated some, there is still some old wiring, and some knob and tube wiring. luckily most of it is in the basement, and the rest had been taken care of, so it would not take much to replace.
Michael
From: DoIt_Yourself@yahoogroups.com [mailto:DoIt_Yourself@yahoogroups.com] On Behalf Of Edward Hughes
Sent: Monday, March 05, 2012 11:56
To: DoIt_Yourself@yahoogroups.com
Subject: RE: [DIY] FHA appraisal
I know when I bought my house through FHA they got the sellers on The breaker box only being a 60amp, the emergency relief valve pipe on the hot water heater being too far off the floor. There was one other thing, but I don’t remember exactly what it was, that was 17 years ago.
From: DoIt_Yourself@yahoogroups.com [mailto:DoIt_Yourself@yahoogroups.com] On Behalf Of Michael Baldwin
Sent: Monday, March 05, 2012 12:27 PM
To: DoIt_Yourself@yahoogroups.com
Subject: [DIY] FHA appraisal
hi,
We are having our house appraised to use the equity in our house to pay off other debt. Does anyone have tips for what an FHA appraiser will be looking out for, and how to get through it? I have heard they can be pretty picky. he said he has to be able to look in every corner and test everything to make sure it works, and there can be no pealing paint.
So if you can give me a better idea of exactly what they will look for, so I can make sure the house is prepared, I would much appreciate it.
thanks,
Michael
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