Posted by Geo-TH,In on August 15, 2019 at 04:15:28 from (184.19.60.137):
In Reply to: Looks like posted by SVcummins on August 14, 2019 at 22:00:01:
I'm in the process of selling a rental property and getting a lesson on FHA loans. Here is a clip
April 28, 2017 - When the FHA and HUD published new single family home loan rules in HUD 4000.1, they replaced all the previous FHA/HUD publications with rules and regulations for FHA mortgages. That includes appraisal requirements and other issues, so it’s helpful to review the new rules in HUD 4000.1 for certain basic issues. The FHA has updated, replaced, revised or restated many things in the new rule book.
That includes FHA loan rules covering minimum property requirements for the water supply to a home that would be purchased with an FHA mortgage. The new FHA loan minimum property requirements on this issue includes the following:
“The Mortgagee must confirm that a connection is made to a public or Community Water System whenever feasible and available at a reasonable cost. If connection costs to the public or community system are not reasonable, the existing onsite systems are acceptable, provided they are functioning properly and meet the requirements of the local health department.”
One Realtor said FHA or VA won't loan money if there is a farm within 1/4 mile.
I can't find anything on internet confirming what realtor said.
"Looks like" FHA is concerned about the quality of drinking water?
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