February 23, 2020

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FHA Home Loan House Hunting Checklist

FHA Home Loan House Hunting Checklist
Do you want to buy a new home? An FHA home loan, with its’ low down payment requirements for qualified borrowers is definitely an option to consider.

With a low 3.5% down payment for qualified borrowers AND the ability to use approved down payment assistance and/or gift funds for potentially no money out of pocket for a down payment, FHA mortgages can have a lot of appeal.

The house hunting process is an important part of any loan. When you are in the planning stages for your FHA mortgage, there are some big issues to consider before you launch into your search for the perfect home.

Those issues can be covered by a checklist you can make and plan with, even house hunt with; when making your house hunting checklist, be sure to consider some of these very important real estate issues below that you should take note of aside from basic price ranges and the overall nature and/or condition of the home (new construction, existing construction, fixer-uppers, REO homes, etc.)

Considerations For Buying Your New Home

In some housing markets, the availability of parking can be a major concern. Are you purchasing a condo on the FHA approved list in an urban center such as Chicago, Houston, or Los Angeles?

Be sure to check on the availability of parking as a feature of the property or whether there is sufficient on-street parking in the neighborhood.

Parking isn’t just an issue for condo buyers, either-if you have more than one vehicle but are moving into a single-unit property, will there be enough driveway space or on-street space for the additional cars or trucks?

A new family may only have one vehicle; a blended family may have several more…does your real estate agent know what your needs in that department might be?

Neighborhood Aesthetics

What do the other houses in the area where you are looking for your new home look like? Are they in good repair? Run down and in need of external maintenance? Shiny and new? These issues can give you important clues as to what you might expect in the years to come in terms of property values, general upkeep of your own property, etc.

Proximity To Conveniences And/Or Nuisances

How close is your new home to grocery stores, public parks, daycare, and commuting routes? Conversely, how close is your new home to areas with lots of always-on lighting such as airports, car dealerships, or gas stations? These are important factors to remember.

Public Works Maintenance And Upkeep

Are the roads to your new neighborhood new? Full of potholes or other hazards? Is the property at the bottom of a hill in an area known for heavy rains or snow? Is your driveway on a downhill slope that could be a problem in wintertime in the snow and ice?

These are all important things to remember when looking at real estate listings and individual homes; you can also make certain issues a priority and explain your needs to a real estate agent when it’s time to start reviewing properties.

Joe Wallace - Staff Writer

By Joe Wallace

June 21, 2018

Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.

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About FHANewsBlog.com
FHANewsBlog.com was launched in 2010 by seasoned mortgage professionals wanting to educate homebuyers about the guidelines for FHA insured mortgage loans. Popular FHA topics include credit requirements, FHA loan limits, mortgage insurance premiums, closing costs and many more. The authors have written thousands of blogs specific to FHA mortgages and the site has substantially increased readership over the years and has become known for its “FHA News and Views”.

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