I'm buying a foreclosure home and I had the appraisal guy go and check the house. He wrote down 3 things that had to be fixed. I got everything fixed except the windows. I need to fixed two more and the problem is that I really need to close this Friday but they won't approve my loan till I get those windows done.
I was reading up and found an article that states
FHA requires that a property meet certain minimum standards at appraisal. (Recent changes have made these standards less stringent.) If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete)
There are loan limits based on county.
Is this right? Can I place money in the escrow so the lender knows I'm not going to jack off and not pay for the repairs?
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I am sorry to say this but right now the market is very terrible and FHA is also changing their guidelines. So what was excellent a month ago is no longer excellent now. Speak with your loan officer and see what they say.