What Are FHA Loan Requirements Concerning Homes With Swimming Pools?
Swimming PoolIf you are trying to get a loan through the Federal Housing Administration (FHA) so that you can have a lower down payment, the property you are considering purchasing must meet certain standards. FHA requirements have changed, and no longer emphasizes minor repairs. However, the FHA still requires repairs necessary for safety of the property. Failing to make repairs so that the property meets FHA requirements can delay financing and scheduling of closing on the property. Trusted home inspection services will make sure they are up to date on all the most recent requirements from agencies like the FHA and the Veteran’s Administration.
FHA Swimming Pool Requirements
In homes with swimming pools, a swimming pools FHA inspector will need to ensure that the pool’s pump is able to circulate water to meet property standards. When you choose your property inspector, look for one with thorough understanding of FHA requirements. A swimming pools FHA inspector will have a list of standards with which the home’s pool must comply before closing on the sale can be scheduled. If the pool is empty, you will have to fill it sufficiently so that the pump can be used to circulate water and to ensure that the pool holds water adequately.
Things the FHA Requires You to Repair Before a Sale is Finalized
Problems like leaking or worn roofs or any evidence of structural problems must be fixed before FHA financing can be finalized. In homes built before lead-based paint was banned in 1978, defective paint surfaces have to be repaired on both the interior and exterior of the property. Any standing water against the house’s foundations, or basements that are excessively damp will have to be addressed and re-inspected before closing. Faulty heating, plumbing, or electrical systems will likewise have to be repaired in order for the FHA to sign off on the financing and schedule closing.
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