Otherwise a new appraisal is required and the process starts all over again although a 30 day extension is possible under some circumstances.
Exterior siding missing for fha appraisal.
The peeling paint rule always applies to fha usda and va appraisals but it can also apply to conventional appraisals.
If you re trying to buy a house using an fha loan your fha lender will typically require an appraisal to validate the value of the home.
Similar to conventional home loans fha loans feature fha appraisal requirements mandated by the hud.
Property appraisals are one of the many requirements.
Fha appraisals are intended to ensure the home is safe for occupancy and determine whether the property is worth the amount of the mortgage loan being requested.
What is an appraisal.
If an appraiser notes that peeling paint is a health or safety concern even on a conventional appraisal it will need to be remedied before the loan can close.
If the appraiser is not available or the process has taken more than 120 days a new appraisal must be ordered.
Appraisals with fha exterior only inspection for fha exterior only appraisals using covid 19 temporary flexibilities and reported on fannie mae form 1004 1073 1004c or 1025 exterior this modified set of instructions scope of work statement of assumptions and limiting conditions and certification.
We cover those requirements and how they compare to conventional appraisals.
Curling and missing shingles gutters that are missing lots and lots of moss.
The original appraiser will come out and verify that the repairs have been done and that your property can be valued as it was originally.
Water could be seeping into the home s sub structure and or weakening the foundation.
The fha requires that loans must close within 120 days of the appraisal and the original appraiser must return to the property within this timeframe to confirm that any necessary repairs have been made.
Let s start with a quick definition.
When scouting out a potential property keep a watchful eye on the siding.
Don t overreact to minor damage.
The fha requires that this must be done by the original appraiser.
Here is an overview of fha appraisal requirements and guidelines in 2020 based on current policy handbooks.
Roofs that are at or near the end of their useful life or in tough shape.
An appraiser will observe the property s condition during the required property appraisal and report the results on the fha s appraisal form.
Rotten missing or severely cracked siding could pose a threat to the soundness of a home s structure.
Guidelines for desktop and exterior only appraisals.
