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RSS FeedNew FHA Requirements |
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There are new requirements in place for FHA and Rural Development loans. Since FHA loans in particular are very popular in this market, and since these requirements effect rural properties that have been vacant at least 30 days, this will have a significant impact locally. Effective immediately, if properties have been vacant for 30 days, well and septic certification tests will need to be done. And, while some of this testing is already fairly standard in contracts, the testing required here is expanded. Well tests must now cover: Lead Nitrate, Nitrite Total Nitrates and Nitrites Fecal or E Coli Coliform Total Coliform The survey must show that the well is 50 feet from the septic and 100 feet from the drainfield. Wells should be no more than 10 feet from the property line. These are not bad requirements and I've believed for quite awhile that well testing should be more extensive than the basic Coliform Bacteria testing that's the standard currently. So, this seems like a good thing for buyers. Another reason to like FHA these days.
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