Well in Basement

Had a septic inspection performed on a house we’re looking to buy and they pointed out that the well is in the basement. The house is located in Danbury, CT and was built in 1948. Will this meet code/is it grandfathered in? Concerned we wont be able to get an FHA loan and we don’t want to waste $700 on the home inspection we have lined up next week if not?
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Codes apply at the time of construction. They are not retroactive.

The fee for your inspection will not be a waste at all. It may save you thousands.

As for FHA, ask them.