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Inhabit Missoula
2800 S. Reserve St.,
Missoula, MT 59801

Office Phone: (406) 370-4144
Fax: (406) 541-6551

About Inhabit Missoula

We’re proud of our opportunity to offer over 70 years of combined real estate experience to our clients. Our combined families have been in Montana since the early 1900s and are on our 5th generation here in Missoula. We’ve seen our town grow over the years and pay close attention to local issues, trends, and market fluctuations. Missoula has always been our home and we’d like to help make it yours.

Inhabit MissoulaInhabit Missoula

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Tidbits about FHA Financing

Recently we attended a seminar which updated minimum property standards for FHA financing. If you are considering buying or selling a home using a FHA loan, you might want to be aware of things that a FHA appraiser might look for. 

The following items should be repaired prior to appraisal, if possible:

–     Large settlement cracks, sagging floors or roofs or significant  deteriorated wood.

 –     If a home was built before 1978, it could contain lead based paint, and any peeling, chipping or chalky paint must be scraped, primed and painted. Use tarps to collect paint chips to avoid contaminating the soil.

 –     The property must have a permanent heat source and it must be operating properly.

 –     Generally speaking, a roof with less than two years life is usually considered “worn out” and will require repair or replacement.

 –     Access to both the attic and crawl space is required, and both must have adequate ventilation. The crawl space must have a minimum of 18 inches clearance throughout.

 –     If the home has a well or septic, make sure to let the lender know immediately, as FHA has certain steps and guidelines they follow (such as with regard to distance, operation, etc.).

 –     If the property is a condominium, the project must have at least 51% owner occupied units. Other requirements may also need to be met, such as whether or not the development is a “FHA Approved Development”.

This is, of course, not an exhaustive list of everything that FHA might require, but it is a good guide to get started.

Posted in: Home Buying, Home Selling

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About Inhabit Missoula

We’re proud of our opportunity to offer over 70 years of combined real estate experience to our clients. Our combined families have been in Montana since the early 1900s and are on our 5th generation here in Missoula. We’ve seen our town grow over the years and pay close attention to local issues, trends, and market fluctuations. Missoula has always been our home and we’d like to help make it yours.

Sincerely,
Lorin Peterson, Real Estate Broker

About Inhabit Missoula

We’re proud of our opportunity to offer over 70 years of combined real estate experience to our clients. Our combined families have been in Montana since the early 1900s and are on our 5th generation here in Missoula. We’ve seen our town grow over the years and pay close attention to local issues, trends, and market fluctuations. Missoula has always been our home and we’d like to help make it yours.

Sincerely,
Lorin Peterson, Real Estate Broker

Contact Us

Inhabit Missoula
2800 S. Reserve St.,
Missoula, MT 59801

Office Phone: (406) 370-4144
Fax: (406) 541-6551

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2800 S. Reserve St., Missoula, MT 59801

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