FHA mortgage loan programs can be a great help when you're buying a home, but how do you know if a property will be approved for this kind of government financing? If you are purchasing or selling a home with an FHA backed loan, the residence in question has to pass an appraisal inspection.
This process ensures that the home meets basic standard of living requirements in its present condition and that the home is being priced fairly. There are several elements that FHA inspectors are on the lookout for:
This is the biggest priority when an FHA inspector comes to appraise the home in question. Guaranteeing a standard of safety before the home is put on the market is essential, and sellers will be glad they prepared their homes before listing so there are no snags when they find an FHA buyer. This generally breaks down into two components: interior and exterior.
This can include anything from wiring and insulation to appliances and old paint. Attics, crawl spaces, and basements are important in this process as they commonly accumulate neglect.
Here, the focus will be shifted toward the roofing and siding. Inspectors will look for any potential damages that affect the livability of the space.
The FHA inspector will perform a walk-through around any property in question and look for significant hazards. Any potentially harmful components will be marked down and served as evidence for deduction in the process. Proper drainage should be installed to minimize flood risk; wells and septic tanks will be examined for pollutants and other toxic threats.
Review common home regulations and make an effort to properly update the property before any inspection takes place. For more information about what FHA mortgage loan inspectors look for and FHA mortgage loan programs, contact Midland Mortgage Corporation by calling 800-854-9484.