The Home Buyer's Korner

Information presented should be used for educational purposes only.

June 22nd, 2015

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GREATER WAIANAE/MAKAHA HAWAII

The Home Buyer’s Korner

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Homes Served by Cisterns and Low Producing Wells

CisternsMany homes affected by drought have wells that have gone dry or so low they have had to come up with alternative solutions. In an effort to deal with the problem many dig deeper wells and some have chosen to place large water storage tanks on their property with a booster pump to serve the home.

Routinely a water truck will bring city water to fill the tanks when they’ve depleted their water reserve that supplements the low producing well and find the arrangement works fine. However the situation prevents a qualified home buyer from being approved for an FHA, USDA, VA or conventional loan to purchase their property, if and when they choose to sell and the only financing more real estate agents are aware of for these homes are from portfolio or community bank lenders.

FHA loan rules state that a cistern–basically a water tank using the classic definition of the word–is unacceptable. In certain cases a waiver may be applied for in situations the FHA defines as those where cistern use is common. These waivers are not automatic and a home buyer in need of such a waiver needs to contract FHA to learn how to apply, or discuss the matter with their loan officer.

FHA provides a list of unacceptable conditions related to this scenario. They include the following:

  1. Mechanical Chlorinators – This is a pump that separates hazardous chemical from the water source.
  2. Water flow that decreases noticeably and not able to provide a continuous and adequate supply of water, when simultaneously running water from several plumbing fixtures.
  3. Properties served by dug wells, unless a complete survey is conducted by an engineer and delivered to the lender and FHA appraiser. Dug wells are holes in the ground dug by shovel or backhoe. Historically, a dug well was excavated below the groundwater table until incoming water exceeded the digger’s bailing rate. The well was then lined (cased) with stones, brick, tile, or other material to prevent collapse. It’s usually covered with a cap of wood, stone, or concrete. Since it is so difficult to dig beneath the ground water table, dug wells are not very deep. Typically, they are only 10 to 30 feet deep. Being so shallow, dug wells have the highest risk of becoming contaminated.
  4. Properties served by springs, lakes, rivers or cisterns.

The alternative to getting a waiver, if you can get one or seeking out a portfolio lender who’s willing to finance these homes or the FHA 203K home renovation loan. In this scenario you would simply secure your home financing with an experienced FHA 203K lender and include the cost to dig a deeper well that meets FHA minimum health and safety requirement. The task is performed after closing and must be completed within 30 day.

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HAWAII HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document click on “Open in New Window” located at the lower right corner;

click on “File”; then click on “Print”. In the center of the screen you will

have the option to “Create A Printable PDF of the Presentation”.

START YOUR PATH TO HOME OWNERSHIP TODAY

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