Detroit Real Estate

On any mortgage loan the bank or lender want a house in good shape.  They don't want to loan money on "bad 

collateral"  With FHA loans it is even tougher.  When I got out with Metro Detroit home buyers I find out what type

 of loan they are getting.   FHA appraisals and mortgages are tougher than many other loans.  Here in the Metro

 Detroit Michigan real estate market the FHA appraiser will pick up on these repairs.

This missing window would cause problems with a conventional mortgage or a FHA mortgage.  Broken windows will need to

 be fixed on a FHA mortgage.

Peeling paint is a major.  Whether it is inside or out it has to be scraped and painted.

                    (Redford home)

Missing light fixtures or hanging wires will always be caught and noted in a FHA appraisal

                               (Westland home)

This broken step will draw the attention of the appraiser (Southfield home)

This much mold will cause a underwriter to suspend the loan and possibly even cancel the mortgage application.  So forget

about buying a home with mold if you need a mortgage.

                                              These missing plumbing (tub) fixtures will cause a problem. 

This missing water heater and furnace will have to be replaced and reinspected by the FHA appraisers.

               (Detroit homes - most Detroit foreclosures will be missing the furnace and water heater)

                 Here is the general process of what happens during the FHA mortgage process.  The FHA appraiser does

their inspection.  The inspection report is reviewed by the loan underwriter who notifies the buyer and the real estate

agent what items need to be repaired or fixed before loan can go forward.  The items are repaired and the FHA

appraiser goes out and checks the repairs.  Then the FHA appraiser lets the underwriter know all the items are

repaired or what is not completed correctly.

                Search FHA homes for sale and Metro Detroit foreclosures

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