It's Feasible!

We got our FHA 203k feasibility inspection report last night and...It's feasible! Yay! This means that inspector thinks that project is feasible in terms of bringing the place up to FHA standards. In fact, the FHA requirements are quite reasonable and our requirements in terms of improving the homes livability are much higher.

FHA required repairs are limited to those repairs necessary to preserve the continued marketability of the property and to protect the health and safety of the occupants, A.K.A. the three S's:

• Safety: protect the health and safety of the occupants
• Security: protect the security of the property (security for the FHA insured mortgage.)
• Soundness: correct physical deficiencies or conditions affecting structural integrity

For us this means replacing the

• HVAC
  
• electrical
  
• roof
  
• basement wall reparging
  
• rear exterior wall stucco
• window caps
• some new windows
  
• sidewalk concrete block
  
• smoke detectors

But we also want to do 2 new baths, a new kitchen, a little deck and some other things to make the place sweet!

Our FHA consultant, Catharine Hall, owner of Value Home Inspections, is extremely knowledgeable and has been very helpful. If you are considering doing a 203k or just a regular home purchase i definitely recommend her.