what does an appraiser look for for an fha loan

Get up to 5 Offers at LendingTree.com to see how much you can afford. If you plan to use an FHA loan to buy a house, or if you’re a seller entertaining an offer from such a buyer, you’ll eventually encounter the FHA home appraisal. During this process, a licensed and HUD-approved home appraiser.

– FHA home loan appraisals are an important part of the home loan process. Some buyers (and sellers) want to know what the appraisal process involves when it comes to basements-does the FHA have specific requirements for basements such as heat or insulation?

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Typically, the appraisal requirements for a government loan are stricter than those for a conventional loan. For example, FHA requirements are so strict that if an appraisal does not meet standards in regards to noxious odors, environmental contaminants or any other health or safety violation, the loan will be turned down by the lender.

A lender is going to finance whichever is less between the appraised value and the purchase price of the home. Appraisers will look at recent comparable home sales, or "comps," to help determine the property’s value. VA appraisers look for at least three homes similar in size, age and location to the one you hope to buy.

Safety Hazards. FHA appraisers will look for several safety hazards, including lead-based paint, which is no longer used to paint homes. If the home was built before June 1, 1978, the appraiser must check to make sure the home is free of this substance, and requires repairs if lead is detected.

For example, FHA requirements are so strict that if an appraisal does not meet. from comments by the appraiser, if applicable, legal description, sales price, The cost of your appraisal is typically covered by your deposit, which covers fees we pay to third parties on your behalf while processing your loan.

What does an FHA appraiser look for? 10 Things You Might Not Know About fha appraisal guidelines 1. open up that Attic: If there is an attic, the appraiser is required to do a "head and shoulders" inspection of the attic – even if the attic access has been sealed off by the home owner.

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