A Guide to FHA Appraisals

  • By Admin
  • •
  • 17 Jan, 2017
  • •
Old Couple Looking at a Document — Lumberton, NC — Realty One Group Heritage
When a house is being purchased, an appraisal of the house is usually done. This is when someone evaluates the current market value of the house. When a conventional loan is being used by the buyer, the appraiser is concerned only with anything relating to the value of the house and property. When an FHA loan is in use, the appraiser must be HUD approved and licensed and his or her objective is to not only assess the value of the property but also make sure it is habitable. Here are some of the guidelines an appraiser follows for an FHA appraisal.
Habitable and Comfortable
When assessing the condition of the house, the appraiser needs to determine if the house contains any hazards to the health of the occupant. This includes inspecting for mold and moisture as well as the working condition of the heating system.
Sturdy Roof and Foundation
Both the roof and the foundation of the home need to be in proper order. They should both be durable, in good repair and not susceptible to moisture.
Emergency Exits
All bedrooms need a way to exit the home. This can be through a window, but it must be large enough for a person to fit through.
FHA appraisals require more work than other appraisals, so the cost is often higher. Contact Heritage Realty & Insurance in Lumberton at 910-738-3731 to get more information on having an FHA appraisal done.

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