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   Appraisals: FHA

• Before You Apply

  What to do to prepare up to a year in

  advance of your mortgage application.

• Can You Trust Your Loan Officer?

  Who does your loan officer work for,

  and how do you find the best one?

• Lender, Broker, or Bank?

  What type of loan Provider is right for

  you?

• Types of Loans

  The types of mortgage loans and

  their advantages and disadvantages.

• Types of Documentation

  Your options for disclosing how much

  you make and where it comes from.

• Underwriting

  What does an underwriter look for

  when analyzing your loan application?

• Pre-Approval

  What it is and isn't and how it saves

   you time and heartache.

• Credit

  What it is, and how it affects your life.

• Income & Employment

  How much you need to make and for

  how long in order to qualify.

• Down Payment/ Assets

  How much, where from, and what kind

  of money will work.

• Down Payment Assistance

  Short on funds?  Learn about your

  options and explore these resources.

• Processing

  What happens to your application after

  you sign it and before you close?

• Title

  What is it, what does it mean, and how

  does it work?

• Appraisals

  What is your home worth, why you

  should bother  to find out, and how

  does it affect your loan?

• Alternate Financing

  Facing rejection?  Time to get creative.

• FHA

  Low down payment, forgiving

  qualifications.  A great loan option.

 

 

 

 

FHA Appraisals

  The Department of Housing and Urban Development (HUD)

  requires appraisals for all FHA (Federal Housing

  Administration) insured loans.  In addition to the state

  qualifications required of every appraiser, HUD requires an

  additional minimum standard to be met in order to be FHA

  approved.   To meet the standard, appraisaers must undergo

  additional education and training, state licensing or

  certification, and approval by the lender to conduct FHA

  appraisals.

  FHA takes pains to emphasize to that an appraisal is not a

  home inspection and that it does not guarantee that a home is

  without flaws.  This is called the "HUD No-Warranty" policy.

  However, FHA does takes steps, more steps than in a

  conventional scenario, to ensure that the home is in a safe,

  sound and sanitary condition.  For that reason, the FHA

  appraiser is expected to require repair or replacement of

  anything that may affect the safe, sound and sanitary habitation

  of the house.  This can mean anything from chipping paint on

  the garage to roof repair to a two-inch crack in the driveway

  concrete.  If repairs are required, the buyer will receive a

  list from the lender and (in most cases) the seller will then be

  responsible for effecting the repairs.