With all the changes in the mortgage industry and guidelines getting tougher and tougher FHA loans are one of the last loans out there for many buyers who don't have the required 680 credit score or 20% down. It's a 30 year fixed rate, very competitive loan that requires only 3 1/2% down, and all the down payment can be a gift.
Appraisers are required to comment on a lot more details of a home than your regular 30 year fixed. It makes sense if you think about it. You've got a person putting minimal down. This usually means they don't have excess cash lying around if the roof is going to be needing replacement soon. So to avoid a borrower incurring high home repairs right after purchase, they want the home to meet certain requirements.
I've got a copy of the check-list FHA appraisers use when they inspect a home. If you are wondering if a home you're listing will have problems, check out the list. If you're working on getting a listing, explain to the sellers the importance of FHA loans in selling their home and what repairs would need to be done for the property to meet FHA minimum property standards.
If we're all proactive, you'll sell more homes, loans will go smoother, and more people can make their dream of home ownership a reality.
Shoot me an e-mail and I'll forward this appraiser checklist to you.
Let's work together to sell more homes!
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