condition

  • Is a property in C5 condition acceptable for mortgage insurance with Arch?

    - by Donna Malecki

    Is a property in C5 condition acceptable for mortgage insurance with Arch?

    A property appraised as-is in C5 condition may be acceptable provided the subject’s safety, soundness, and structural integrity are not impaired.  The home’s building components should not be in need of repair, rehabilitation or updating, and functional utility and overall livability should not be diminished due to its current condition.  Required improvements for minor deferred maintenance and physical deterioration due to normal wear and tear are acceptable.  Any condition items causing the C5 rating on the appraisal must be “subject to completion of repairs” in order for the transaction to be eligible for insurance.