Will this house pass a FHA appraisal?
2009 October 21
If you plan on purchasing a home with a FHA backed mortgage you might be wondering (like I always am) whether or not a particular house will pass a FHA appraisal. FHA loans are insured by the Federal Housing Administration and FHA approved appraisers must follow certain guidelines when appraising a property. If a home is a “fixer” and needs a lot of work, chances are it may not pass a FHA appraisal.
Below is a FHA appraiser checklist my Lender sent me. A good list to keep around when looking at homes, or if you’re getting ready to sell, you may want to make sure these items are attended to.
- At the time of inspection, all gutters and downspouts are in place with adequate drainage away from the foundation.
- The roof is in average condition with an estimated life expectancy of 15 to 20 years.
- The attic space above the ceiling was visually inspected with no apparent signs of water damage.
- Plumbing shows no apparent leaks and water pressure appears to be average.
- A test of the hot water system revealed that all sink locations tested received hot water in a reasonable time frame.
- The heating systems was active during the inspection and produced heat on demand.
- A random test of electrical outlets and light switches showed that all tested locations were functioning normally.
- All appliances appeared to be in average condition and are working properly.
- Interior floor coverings are in average condition.
- All windows appear to be working normally with no apparent leaking.
- Exterior walls are in good condition and all painted surfaces are in good condition.
- The crawl space was visually inspected and a vapor barrier was visible and dry and free of debris.
- No physical, functional or external obsolescence were noted, and no major repairs needed at the time of inspection.
Tonya M. Locken
