Re: FHA loan rules - Posted by Bill Gatten
Posted by Bill Gatten on October 30, 2000 at 19:55:13:
You are right about FHA making exceptions…I’ve been involved in several transactiosn where that’s happened (also several involving CHFA, the Calif. Home Financing Authority), but they’re pretty stringent as a rule, and your story has to be a good one and you have to promise to be comming back within a year or so.
On the inspection part…you are just lucky I think. I know from personal experience that FHA does send out inspectors on a regular basis to make sure the borrower is in the property. Having been in the banking and lending and leasing business for some time (we were pretty close to these kinds of things). 'Same deal with Title 1’s (FHA home improvement loans)…plan on getting inspected to see what you did with the money if you take one out.