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Are properties having a shared well acceptable for FHA financing?

Shared wells may serve existing properties which cannot feasibly be connected to an acceptable public or community water supply system. A shared well shall have a valve on each dwelling service line as it leaves the well. A shared well shall service no more than four living units or properties. A shared well must have a shared well agreement and shall be binding upon signatory parties and their successors in title.

More information on this agreement can be referenced in HUD Handbook 4150.1 Rev-1, Section 12-17
http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh



REFERENCE

Handbook 4150.1 REV1, Section 12-17


REFERRAL LOCATION


DISCLAIMER

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.