WebFannie Mae requires a Phase I Environmental Site Assessment (a “Phase I ESA”) for each Property securing a Mortgage Loan, except for certain Small Mortgage Loans . The … WebLoan that Borrower develop, implement and carry out an operations and maintenance plan for the containment or removal of paint containing more than one-half percent (0.5%) lead by dry weight (“ Lead-Based Paint ”) on the Mortgaged Property (“ O&M Plan The O&M Plan is attached as Exhibit A. AGREEMENT S
Brush Up on Lead-Paint Guidelines for Multifamily Housing
WebAug 6, 2024 · Lead paint inspection procedures include reviewing “all interior and exterior surfaces”, including common areas, stairs, deck, porch, railings, windows, and doors” for defective paint. The FHA definition of “defective paint includes paint that is: Cracking Scaling Chipping Peeling Loose WebUnder federal law, if a painted surface receives an XRF reading of at least 1.0 mg/cm2, then the surface is treated as containing lead-based paint. However, if the property is located in a state with a stricter standard-for example, Maryland regulations establish a standard of at least 0.7 mg/cm2-then the state standard applies. dickson county highway department
FHA & Peeling Paint: What Every Homeowner Needs to …
WebLead-based paint If the Improvements were built before 1978 Radon If recommended by an Environmental Professional Underground Storage Tanks If recommended by an … WebGovernment-backed mortgages, like FHA, VA and USDA loans, have some additional property standards that conventional loans don’t. For example, all properties built before 1978 require repairs for peeling paint due to lead paint concerns. Generally, sellers defer maintenance to save money, but delaying repairs can halt the sales process altogether. http://www.cjprealtors.com/forms/Fannie_Mae_Lead_Based_Paint.Addendum.pdf dickson county high school softball