Need an appraisal for an FHA-backed mortgage in Macomb, Oakland or Wayne Counties? Call EQUITY APPRAISAL COMPANYWilliam Breisacher is approved to do appraisals for FHA insured loans. FHA's guidelines, documentation and policies may seem difficult to grasp, but William is well-trained on how to comply with the rules and regulations provided.
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If you need an appraisal for an FHA loan, please contact us, and we'll be able to help you right away. |
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Quick Tips about FHA Appraisals:
In the performance of an FHA appraisal, the appraiser must note those repairs necessary to make the property comply with FHA's Minimum Property Requirements or Minimum Property Standards together with a cost to cure. The lender will determine which repairs for existing properties must be made for the property to be eligible for FHA-insured financing.
Cosmetic repairs are not required. Examples of cosmetic repairs would include surface treatments, beautification or adornment not required for the preservation of the property. For example, generally, worn floor finishes or carpeting, holes in window screens, or a small crack in a windowpane are examples of deferred maintenance that do not rise to the level of a required repair.
The physical condition of the existing building improvements is examined at the time of the appraisal to determine wether repairs, alterations or inspections are necessary - essential to eliminate conditions threatening the continued physical security of the property.
Required repairs will be limited to necessary requirements to:
- protect the health and safety of the occupants (Safety)
- protect the security of the property (Security)
- correct physical deficiencies or conditions affecting structural integrity (Soundness)
A property with defective conditions is unacceptable until the defects or conditions have been remedied and the probability of further damage eliminated. Defective Conditions include:
- defective construction
- other readily observable conditions that impair the safety, sanitation or structural soundness of the dwelling
For any home built prior to 1978, defective paint surfaces, including: peeling, scaling or chipping paint must be corrected in accordance with 24CFR Part 35. This includes defective paint in or on structures and/or property improvements.
Typical conditions that would require further inspection or testing by qualified individuals or entities:
- infestation - evidence of pests
- inoperative or inadequate plumbing, heating or electrical systems
- structural failure in framing members
- leaking or worn-out roofs
- cracked masonry or foundation damage
- drainage problems
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