FHA General Guidelines for Appraisal
*******POWER AND WATER MUST BE ON AT TIME OF INSPECTION****
- Earthquake straps AKA (Seismic Straps)
- Missing handrails-Need to be Replaced
- Cracked or damaged exit doors that are otherwise operable
- Cracked window glass
- Defective paint surfaces (Peeling Paint)
- Minor plumbing leaks (such as leaky faucets)
- Defective floor finish or covering (worn through the finish, badly soiled carpeting)
- Rotten or worn out counter tops
- Damaged plaster, sheetrock or other wall and ceiling materials in homes constructed post-1978
- Trip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)
- Crawl space with debris and trash
- Smoke alarms
- The electrical box should not have any frayed or exposed wires.
- All habitable rooms must have a functioning heat source
- The roofing must keep moisture out.
- The roofing must be expected to last for at least two more years.
- The appraiser must inspect the attic for evidence of possible roof problems.
- The roof cannot have more than three layers of roofing.
- If the inspection reveals the need for roof repairs and the roof already has three or more layers of roofing, the FHA requires a new roof.
- Door between the garage and the home must be fireproof.
Property Access
The property must provide safe and adequate access for pedestrians and vehicles, and the street must have an all-weather surface so that emergency vehicles can access the property under any weather conditions.
Structural Soundness
Any defective structural conditions and any other conditions that could lead to future structural damage must be remedied before the property can be sold. These include defective construction, excessive dampness, leakage, decay, termite damage and continuing settlement.
Asbestos
If an area of the home contains asbestos that appears to be damaged or deteriorating, the FHA requires further inspection by an asbestos professional.
Bathrooms
The home must have a toilet, sink and shower. (This might sound silly, but you'd be surprised what people will take with them when they're foreclosed on.)
Appliances
FHA requires properties to have working kitchen appliances, particularly a working stove. However, FHA documents do not mention any requirements regarding appliances.
Swimming Pools
Swimming pools must be operational to provide Contributory Value. The appraiser must report readily observable defects in a non-covered pool that would render the pool inoperable or unusable. If the pool water contains algae and is aesthetically unappealing, The appraiser must require that pools with unstable sides or structural issues be repaired or permanently filled in accordance with local guidelines, and the surrounding land re-graded if necessary.
Converted Garage-Non-permitted additions
Often non-permitted additions and remodels are not finished to code. Not only may FHA require that these items be brought to code, but if FHA decides to approve the loan without that requirement, FHA will not consider the value of non-permitted items in its appraisal
The FHA does not require the repair of cosmetic or minor defects, deferred maintenance and normal wear if they do not affect the safety, security or soundness.
Call Kim with your real estate
questions and concerns!
Kim 702.521.3939
Baseline limit
If you have experienced an economic event and can document the situation, you may still qualify for a home loan with FHA's Back to Work Program. FHA allows for the consideration of borrowers who have experienced a defined economic event and can document:
