Specific FHA Appraiser Inspection Guidelines
Many people who need FHA appraisal evaluation do not know what to expect and what do the FHA approved appraisers really check in their FHA property inspection.
Who Needs a FHA Appraisal Inspection
It is usually the buyer that applies for a FHA home loan, that find that the first FHA loan requirement is to have the property the mortgage loan is asked for have an appraisal check. Not any appraiser can do this kind of check up, only those approved by the FHA can submit the appraisal evaluation for the home they have inspected.
They seller has also an interest to undergo such an inspection, because if their property passes and gets high evaluation appraisal, then their price can be rock solid and they know the property can sold to many other FHA loan prospects, which makes it a ‘buyers market’ for their real estate!
What Does a FHA Appraisal Check?
As you can already see the FHA Appraisal Guidelines are strict and made for the best interest of the borrower and for the lender. Here you can get some insights what are the FHA appraiser and inspectors are going to look for in your property working under the 2011 FHA appraisal guidelines:
- FHA Appraisal Property Inspection - Appliances, the appraiser will want to see that the home is livable, this means that there are minimum house appliances such as a stove in the kitchen, a dishwasher or air ventilation/cooler (at warm weather) – and if there are they must be in proper working condition. Water pressure, proper flushing toilets, sight and temperature check by turning of faucets checking to see if the hot and cold water is working properly.
- Crawl Space or Attic Space FHA Inspection - When people buy a home, there are places outside the living areas that can not be un-attended, such as crawling space or attics. The appraiser is guided to check for evidence of excessive dampness or water pooling. The same is expected for a check the attic for proper ventilation.
- FHA Appraiser Will Inspect Propertys’ Roof – The FHA appraiser must determine if the property roof has at least two years of same condition left without need for renovation. This is to secure the lender that the place being sold will hold at least two winters. A leaking roof which cause moisture leakage into the house will force the new buyer to undergo expensive renovations which may endanger their ability to continue the proper monthly payments. If the FHA loan for is a condominium, there is no roofing inspection.
- FHA Inspection Of Electric and Heating- One parameter check the appraiser is going to do, is to find out that each of the habitable rooms in the house have adequate heating (at cold areas) or cooling (in hot areas). This FHA appraisal inspection is meant to make sure summer heat, or winter cold protection are present as each can cause death. Conventional heating systems would be checked to see they maintain a temperature of at least 50 degrees F.
- Property Inspection of electric wiring in the house. As poor wiring has a higher risk for fire, presence of smoke detectors can be requested too.
- Appraisal Check Hot Water Heater- In many places the hot water heater is as dangerous as a domestic bomb… the combination of either gas tubes, electric wiring, open flame components needs to be in perfect safety condition. If the domestic water heater is oil heated, then the outside oil tank unit needs to be a safe distance away.
- FHA Appraisal Check Lead-based Paint - The appraiser will check when the house was built, in cases that the property was built before 1978 and there is potential that the property paint coat used was lead based paint, the FHA appraiser will search for any peelings, flakes or chipping. In case of peels and paint cracks a cover up paint coat is not enough, and the lead paint needs to be scratched off entirely. In the same matter any environmental problems like asbestos would need to be removed.
- FHA Appraisal Validate Windows- Expect the appraisal evaluation to inspect the windows and doors, the check is to determine the risk the hold for the new home buyers in case of fire and evacuation. No windows can be left broken, windows should be able to be opened, if burglar bars are placed they should have opening option from the inside in case of a fire.
More things that FHA appraisal guidelineswill inspect while visiting for the home property check: Sewer systems, wells, and water quality; conformity of property to the neighborhood (The property maybe entirely appropriate at another location, but not in its actual location); off site improvements (street surface, curbs, sidewalks, curb cuts, driveways); potential for termite infestation; energy efficiency; basements; flooring and carpets; and more..
FHA Appraisal Property Inspection
When the inspection is done, the appraiser will submit the appraisal report to the FHA and based on this assessment the FHA loan limit will be determined. Only homes that comply with them all will be eligible for FHA home loans.
From here the FHA loan requirements will proceed for the borrower financial check up and income analysis, to make sure they are stable and risk free to obtain the lenders only and pay back the loan regularly.
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