#Printable home appraisal checklist license#
#Printable home appraisal checklist free#

The price of the appraisal is usually included in the closing costs you pay when you close on your loan. In many cases, the applicant is responsible for the appraisal costs.

Who pays for an appraisal on an FHA loan?

#Printable home appraisal checklist license#

They also have to take an exam and earn a state license before applying to be registered on the FHA Roster of approved appraisers. FHA-approved home appraisers must take several hours of classes and record hundreds of hours of supervised experience. Trained professionals complete FHA appraisals and inspections. If you need more time before signing the loan closing paperwork, the lender will need to verify the property value has not declined. For the average buyer, 180 days is plenty of time to complete the closing process. Once you receive the appraisal, you and your lender can review it and decide whether you still want to proceed with the loan.Īll FHA home appraisals last for 180 days after issue. You have to get an FHA home appraisal if you're planning to refinance or use an FHA loan to buy a house. In most cases, your lender orders the appraisal after you and the seller sign a sales contract or for certain refinances, after you sign the application. Must not have interior and exterior health and safety hazards, such as no handrails on steep staircases.

#Printable home appraisal checklist free#

Must be free from wood-destroying insect infestations.

Must have adequate access to attic spaces and natural ventilation in crawl spaces.

Must have surfaces free of chipping or peeling lead-based paint.

Must have a working, permanent heating system that can heat the property adequately.

Must have all relevant utilities, including gas, electricity, water and sewage functioning properly.Must not contain loose wiring and exposed electrical systems.Must have safe and reasonable property access.Must have an undamaged exterior, foundation and roof.Homes must meet the following appraisal requirements, or be repaired to meet requirements, to be approved for an FHA loan: They use their findings from the site visit to estimate the market value of the home.įHA appraisers follow the HUD guidelines for minimum property standards. Market research: Appraisers research selling prices for comparable homes by reviewing homes that closed in the same general area and typically closed during the past six months.They check for the structures quality, the interior and exterior condition, the state of fixtures and systems and the condition of the lot. Site visit: FHA appraisers visit homes in person to write notes and take photos.Department of Housing and Urban Development (HUD). This calculation helps lenders from loaning out more than they are willing to risk and can help limit buyers from borrowing more than the home is worth.Īn FHA appraisal also confirms that the property meets the minimum standards set by the U.S. Lenders use the market value from the appraisal to determine the loan-to-value ratio of your mortgage. An appraisal is a standard requirement for most mortgages and refinances. Since a third party performs the appraisal, the market value is not influenced by the buyer or the seller. What is an FHA home appraisal?Ī home appraisal is an estimate of the market value of a property. Here's almost everything you need to know to get started. If you're planning to get a mortgage backed by the Federal Housing Administration (FHA), the house you want to buy requires an appraisal that meets FHA standards. When you buy a house, you have several tasks to focus on, from home inspections to mortgage paperwork.