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Appraiser tips on FHA mortgage guidelines

May 10th, 2010 10:10 PM

4 FHA APPRAISER TIPS FOR REAL ESTATE AGENTS

It's a common misconception, but in fact, the FHA is not a lender. Nor does the FHA give people money to buy a home or set interest rates on home loans. Rather, the FHA, or Federal Housing Administration, is a federal government agency that offers mortgage insurance on loans originated by lenders that are approved by the agency. This insurance protects the lender in case the borrower defaults on the loan.

Here are just just 4 important items that an FHA appraiser is looking for on the home appraisal inspection.

• Inadequate access/egress from bedrooms to exterior of home.

• Leaking or worn out roofs. The leaking part is self explanatory. Fha guidelines state that a composition shingle roof can be re-roofed 3 times. A roof can have a total of 2 layers of shingles not 3. Prior to the application of the third layer of shingles, the existing 2 layers must be removed.

• Evidence of structural problems (i.e. foundation damage caused by excessive settlement).

• Defective paint surfaces in homes constructed pre – 1978.

Defective paint surfaces of the interior and exterior such as chipping and peeling. The reasoning for this is that prior to 1978 most paint was lead based. Lead based paint is "poison" and seems to find it's way into the bellies of animals and children. This rule applies for homes constructed prior to 1978.

FHA LOANS ARE BECOMING MORE POPULAR, WE HAVE PERSONALLY SEEN THE REQUESTS INCREASING THIS YEAR.

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Posted by Amber Woodruff on May 10th, 2010 10:10 PMPost a Comment (5)

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