There were two items in to be completed in the fha appraisal before closing.
Fha appraisal guidelines for concrete floors.
According to the 2020 fha appraisal guidelines all properties being purchased with an fha insured mortgage loan must be appraised by a licensed hud approved home appraiser.
Some are adamant that fha loans need carpets some say we could paint the slab others quote housing and urban development guidelines saying these have been relaxed and that flooring is classed as cosmetic.
Water in the crawl space is a definite no no as is significant water standing in.
Finish flooring in bedroom completed the room was being completely redone and 2.
An appraiser will observe the property s condition during the required property appraisal and report the results on the fha s appraisal form.
Appraiser and property requirements for title ii 2 forward and reverse mortgages 3 the appraisal process is the mortgagee s tool for determining if a property meets the minimum 4 requirements and eligibility standards for a federal housing administration fha insured 5 mortgage.
A reader asked us an appraisal question in our comments section recently about unfinished basements.
Finish bathroom in basement.
Similar to conventional home loans fha loans feature fha appraisal requirements mandated by the hud.
A quick glance under a sink to see rotting floors and moldy walls will nix a loan every time.
Watch for soft floors around toilets and tubs leaky faucets roof leak stains in the ceiling.
We cover those requirements and how they compare to conventional appraisals.
Exposed concrete concrete flooring or concrete floor that is acid stained or painted is no longer acceptable flooring.
She has done the appraisal as is but stated floor covering is required.
Property appraisals are one of the many requirements.
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.
It is considered to be exposed foundation to fha and must be covered.
Question is does fha accept the floor to be painted with a sealer.
This is one of the biggest hot spots for an fha appraiser and rightly so.
We were conditionally approved for fha.
This is an unfinished basement with framing and partial.
A reader asks i have an appraisal prepared by fha approved appraiser.
We have found contradicting info on if bare concrete slab flooring is acceptable for approval of an fha home under an as is appraisal.
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.
Otherwise a new appraisal is required and the process starts all over again although a 30 day extension is possible under some circumstances.
Visually inspect the subject property both inside and out.
