Did you hear? As of September 14th, 2015 there are new requirements for an FHA home appraisal.
When a buyer gets a new mortgage, part of the loan process is getting an appraisal. An appraisal is a formal opinion of value and condition. This protects both the lender and consumer, in making sure the property is worth the contract price.
In the past, FHA appraisers did focus on safety items. But now, they are required to look at much more than ever before. Below is a list of items your FHA appraisers will be looking at:
1. Appliances – they will check to make sure all are in working condition
2. Roof – they will have to actually go on the roof to ensure proper condition
3. Crawl Space – if the home has one, they will have to go inside and inspect it
4. Cabinet Doors and Drawers – they will have to open and close all to make sure they are working
If these items are unsatisfactory, the appraiser will condition them to be corrected. Otherwise, the loan will not be approved. Should be interesting! Check out some additional information we have about appraisals.