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Insured

INSURED (IN) qualifies for FHA financing. Property meets minimum property standards of FHA financing. Minimum Property Standards (MPS) are: a range and oven, no obvious holes in roof, wood sub-floor in place (does not mean there is hardwood or carpet) and one toilet regardless of the number of bathrooms (note you could have a 2 bathroom house with only 1 toilet in the property). This does not mean the property does not need potentially major repairs. Buyers should thoroughly inspect the condition of the property prior to making an offer. FHA will finance up to 96.5% of the HUD appraised value. IF the property sells for more than the asking price, the difference between the offer amount and the appraised value must be paid in cash to escrow (see example 1) plus of course the 3.5% down payment