New rules concerning lead based paint repairs became effective on 04/22/10.   Mortgagee Letter 2010-17

We thought we would share some basics that you should consider when purchasing or renovating a home built prior to 1978.

When the FHA appraiser or 203(k) Consultant calls for lead based paint repairs due to peeling or chipping paint in homes built prior to 1978, the following persons may complete the required repairs subject to the requirements listed below:

• The current occupant homeowner is exempt from the EPA Renovation, Repair and Painting/Remodeling rule certification requirements and may complete the repairs but should be encouraged to do so by learning about lead-safe work practices by reading a copy of EPA’s Renovate Right: Important Lead Hazard Information for Families, Child Care Providers, and Schools

• If the property is an investment or rental property and repairs are to be completed by the landlord, the property owner/landlord must be certified and must follow lead-safe work practices required by the new rules.

• Any contractor who is to complete the repairs must be certified and must follow specific work practices to prevent lead contamination.

Certification information can be found at http://www.epa.gov/lead/pubs/lscp-renovation_firm.htm.

For more information just ask us!