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It is Time to Prepare

It's Time To Prepare; Fall Colors and Peeling Paint FHA, USDA, VA Appraisal IssuesWith the autumn season coming into full swing, it’s time to plan ahead for some things that may not be able to be done in the months ahead.

If you plan to refinance or sell your home in the next six months; listen up!

Based on the application ratios we see here at Envoy, the chances are very good that a government loan will be part of the mix. By that I mean an FHA, USDA or VA loan may be in the future for your home; more than 60% of the applications we see fall into this category.

With that, there are several implications that must be considered, especially if you live in an area where the snow flies!

Here is a list, though not comprehensive, of the most common items that must be addressed on a home prior to closing a government loan against the property:

  • Leaking or worn out roofs (if 3 or more layers of shingles on leaking or worn out roof, all existing shingles must be removed before re-roofing)
  • Defective paint surfaces in homes constructed pre-1978
  • Defective exterior paint surfaces in home constructed post-1978 where the finish is otherwise unprotected.
  • Evidence of structural problems (such as foundation damage caused by excessive settlement)Inadequate access/egress from bedrooms to exterior of home

As you may have gathered, several of these items require work in a setting that is warmer than what Old Man Winter affords many of us.  You still have time to take the action to make sure this isn’t an issue.  If you see any of these items in or around your home, getting them fixed before winter arrives will be a huge help to you later in the loan process.

Are you going to make sure you are proactive so that your transaction can close when you are ready; not when the weather’s ready?

If you have questions about this, please contact me as I would love to help.

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