FHA Certified Appraisal Service & Tips

On Time Appraisals is on the FHA Roster of approved residential appraisers.  If you're in need of an appraisal for an FHA loan, please contact us.  We're qualified and approved to do appraisals for FHA insured loans.  We complete FHA REO appraisals as well with over 6 years of experience.

FHA Loans have become more popular due to the stressful economy.   We're trained and understand the rules and procedures in FHA's guidance and policy documents.  We know turn times are important and procedures need to be followed or the reports will not be accepted by FHA.  We take pride in our fast turn around times and extensive Quality Control features.

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. Remember, the FHA is different from the VA appraiser panel in that the lender can choose the appraiser.

Due to the current market, the FHA loan programs are particularly beneficial to those buyers with less available cash.  The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. 

FHA Tips

FHA requires the property to be safe, secure and livable at time of the appraisal inspection.  Some notes to speed up the process of your basic FHA Loan from the appraisal perspective are:

  • The Water Heater needs to be strapped and operable per local codes.
  • Water, electricity and gas (if available) must be turned on.
  • Sinks cannot be leaking at time of inspection.
  • Broken windows must be repaired.
  • Kitchen Appliances must be working.
  • Heating systems must be working.
  • Plumbing systems must be operable to include plenty of water pressure.
  • Electrical Panel must have wires covered.
  • There can be no exposed active wiring.
  • Roof cannot be leaking.
  • Security Bars in bedrooms and bathrooms need an interior release or a secondary means to exit the room per local codes.
  • Sub Flooring cannot be exposed. 

These are the main issues an appraiser notices during an inspection that typically need to be repaired prior to the close of your FHA Loan.

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