Question about an FHA loan.?

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Mortgage officer has to check into if FHA loan would allow a wooden sill on top of a concrete foundation (basement). Do you think this is allowed?

  1. Reply
    Fernando G
    February 15, 2014 at 1:09 am

    It depends on local city codes, and even state regulations.

    I don’t like FHA loan anymore, the fine print estates; that when you sell the house (future) you must pay something like 35% back to FHA.

    Ask the Mortgage officer or a 3rd party. (take your time to find that out)

  2. Reply
    ken s
    February 15, 2014 at 1:57 am

    If the wooden sill touches the ground or dirt, it is not allowed, but on top of concrete is acceptable.

    There is not a re-capture as stated on the previous answer. The re-capture applies to money from state housing authorities, like California Housing or Idaho Housing, etc.

    If you home is both, a housing authority loan with discounted interest rates, and an FHA then the recapture would apply, but only because you received a below market rate state housing loan. The FHA portion has nothing to do with that.

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