The FHA was also circumspect about the calls for more data sharing between lenders.
Because purchasing a home is an investment- unlike with renting, the money that you spend every month goes toward a long-term purchase- families who opt for FHA loans can potentially see the benefit of their purchases for years to come.
The inspection standards for a home under FHA mortgage consideration are also tougher than those for a conventional loan, so if you are looking at buying a home that will need a lot of work, this type of mortgage may not be for you.
If you apply for a mortgage guarantee through the VA or through an FHA program then you are less likely to wind up bombarded with fees because both organizations limit the amount of acceptable fees charged to guaranteed loans.
Payments for private mortgage insurance - Lenders usually require a borrower to have private mortgage insurance if their down payment is less than 20% of the purchase price, unless the mortgage is guaranteed by FHA or the VA.
While FHA loans are oftentimes attractive as a result of the lower credit standards and flexible underwriting, it is important to remember that FHA does charge an upfront mortgage premium, also referred to as a funding fee.
In this LoveToKnow Mortgage interview, Michaela Julsen, Realtor with Century 21 Hansen Realty in Nebraska, explains how the proposed FHA changes will influence the potential for FHA loan approval for prospective homebuyers.
These aren't the only regulations with regards to shared wells, so your best bet is to contact an FHA representative to discuss your particular situation and find out of you fall into the category which makes it acceptable.
As with other grants and special mortgages, FHA loans may cost less, have much lower down payments, qualifying is much easier, and special help is available if finances become difficult and one feels the need to foreclose.
This would appear to imply that a home without a stove or water heater would have a hard time passing inspection, but contact the FHA to clarify the guidelines and to find out if there are waivers in certain circumstances.