Is exposed Knot and Tube wiring, in the basement, acceptable for an FHA loan?
We are buying a house and found one with exposed Knot and Tube wiring in the basement. The wiring is live and appears to be in working order with no fraying, will this be an issue for a FHA loan?
- RickLv 59 years agoFavorite Answer
Yes, it will be an issue. All visible knob and tube wiring will need to be replaced with romex and the tie-in connections be inside junction boxes. You might be able to work out an agreement with the current owner where the two of you split the cost.Source(s): From the inspector who did my home inspection before I bought my house.
- 3 years ago
FHA loans are no longer score based yet use your final 2 years credit, employment and condo history. you mustn't have any lates in any respect interior the previous 24 month era. additionally, no bankruptcies interior the previous 4 years. FHA courses the valuables ought to bypass an inspection as properly. Older residences won't bypass (roof ought to have 5 years existence left and so on) Your lender ought to describe ALL of this to you. With the decrease down fee you MIP (loan coverage top rate) requirement would be bigger that's you place greater funds down 10%. So in theroy, the decrease activity fee would value a splash you greater month-to-month. Make yourlender coach you area by making use of area the two courses. Then evaluate your mark downs and month-to-month expenses - p.c.. the loan that ultimate suits YOU. wish this helps.
- 9 years ago
Yes, it will be an issue, they won't go for it.Source(s): My first house was a FHA and had several homes we liked that did not pass inspection for various reasons.