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FHA Loans and a cracked boiler

Mike Lefebvre
Mike Lefebvre Member Posts: 3
in THE MAIN WALL
I'm trying to buy a home with an FHA loan - and the boiler is cracked and leaking water. I'm told the heat must work to get an FHA loan - I plan on replacing the boiler before I move in - the price of the house is right. Is there a way to temporarily patch the boiler - for a quick test - I'm told FHA appraisers must make sure that everything works. Please - any help would be really appreciated.

Comments

  • ALH_4
    ALH_4 Member Posts: 1,790
    FHA

    FHA does have a 203k program that allows you to borrow extra $$ for a few repairs to the home. The paperwork is a nightmare though.
  • Mike Lefebvre
    Mike Lefebvre Member Posts: 3
    Not a money problem

    This is not a money problem - it's a short sale - and I just want to get in - the problem is that everything in the house must work or I'll never close before the end of summer if I go for a 203K. I have the money. Will epoxy over the crack make a temporary fix for a day or so?
  • ALH_4
    ALH_4 Member Posts: 1,790
    Patch

    I just can't think of how to patch a boiler together for the inspection in a way that would ensure that it would pass. You could certainly try epoxy and turn the pressure and boiler aquastat way down, but it would be a little risky. Do you know where the crack is? Is it just one crack? Is it accessible? If it's away from the flame you would have a better shot of it holding water long enough for the inspection.

    I was suggesting the 203k more as a way to pacify FHA. If you fix it on your own after the sale, the 203k money you set aside goes toward your principal. The trick is getting a contractor to give you an estimate for a program like that.
  • Mike Lefebvre
    Mike Lefebvre Member Posts: 3


    Thanks for the feedback - I'm going to take the jacket off this weekend to see where it is. If it's away from the flame and in an area I can access - I'll try the epoxy.

    Thanks again.
  • eluv8
    eluv8 Member Posts: 174
    cracked boiler

    JB weld if you can get to the leak grind it or at least buff it, and then put a good layer of JB weld on it press it in real good and it should hold after its cured up nice.
    I have a friend who had a cracked engine block and he put JB weld on it. Drove it around like that for a long time. I hate jumping through hoops. I feel for you.
  • Robert O'Connor_15
    Robert O'Connor_15 Member Posts: 7
    203K

    I second the 203K! If you can find a FHA broker for the loan and get a 203K consultant to review, there is no reason why you couldn't close (even a short sale) in 30 days or less. I found a house for a young relative of mine right in my neighborhood and they were able to close in less than 30 days. Typically FHA means low on funds but in this case the property qualified. They purchased a house in a very affluent town for 110K in 01. The 30 yr.@ 8.50 got a streamline refi for 15 yr. @ 5.50 after they closed out the rehab portion, now the town went through a re-val and the property (after spending around 40K which was part of their loan) just was assessed @ 539K. By the way, this property was going on the auction block in less than a week.


    Robert O'Connor/NJ
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