![]() ![]() The appraiser reports evidence of termites and other wood-destroying insects. After all, if your home falls short of these guidelines, it could cost you the sale. To ensure your home passes the FHA appraisal, we’ve enlisted a trusted real estate agent and an FHA appraisal expert for insight on FHA loan property requirements. It also protects the government’s interest since it’s on the hook for paying off the buyer’s debt to the lender if the buyer defaults on their mortgage. This process protects the buyer from purchasing a home that needs more maintenance than they can afford. While most mortgage lenders require an appraisal before approving a home loan, HUD requires a special type of appraisal for FHA loans to confirm the property is safe, secure, and worth the price. ![]() Additionally, an FHA-backed buyer may have a slightly higher debt-to-income ratio to qualify than they would with most conventional loans. By contrast, most conventional loans require a credit score of 620 or above. Borrowers can qualify for an FHA loan with a credit score as low as 500 with a 10% down payment, or 580 or above with a 3.5% down payment. Department of Housing and Urban Development’s (HUD) minimum property requirements.įor context, the Federal Housing Administration created the FHA loan program to help more Americans afford houses with government-insured home loans that are easier to qualify for than most conventional loans. The FHA appraisal determines a property’s market value and ensures that the property meets the U.S. OREP Members / Affiliates / WRE Paid Subscriber – Click here for a DiscountĬlick here to read a full review of the FHA material by Bill Cobb, appraiser and social media expert.If you’re selling to a buyer backed by an FHA loan, your home must clear an FHA appraisal for the loan to close. ***Full money back guarantee if you are not completely satisfied.
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