![]() Property must have safe and adequate access to cars and pedestrians from a public or private street Must have safe and sanitary sewage disposal Must have an acceptable and sufficient water supply Site must adequately drain water away from the perimeter of the walls Property must be free of soil contaminants The septic system (if present) must be functional The property must be free of hazards and conditions that pose a risk to the health and safety of the occupants or adversely affect the structural soundness and use of the home The property must be a single real estate entity ![]() To determine if the property is eligible for financing, the appraisal accomplishes the following: In addition to establishing the value of the property, an FHA appraisal determines whether the home meets the agency’s minimum property requirements.Īn appraisal is a written assessment of a property performed during the mortgage approval process. However, with an FHA loan, the appraisal serves two purposes. With conventional financing, the lender orders an appraisal to determine the market value of the home. What are the FHA's appraisal requirements? What happens if your FHA appraisal comes in low?.What happens if the appraiser marks something for "further repair?".How long does an FHA appraisal take and how long is it good for?. ![]() What are the FHA's appraisal requirements?.We cover the requirements mandated by the Federal Housing Administration (FHA) for appraising properties. When applying for an FHA loan, your lender uses the results of the appraisal to determine if the property is eligible for financing. Department of Housing and Urban Development (HUD).įHA loans are government-backed mortgage designed to help people with lower incomes or credit scores buy homes. All properties bought with an FHA loan must go through an FHA appraisal, which accomplishes two things: It establishes the market value of the property and determines if the home meets the General Acceptability Criteria established by the U.S. ![]()
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