Fha Appraisal Guidelines For Concrete Floors

At a minimum the appraiser must complete the following steps.

Fha appraisal guidelines for concrete floors. 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. There were two items in to be completed in the fha appraisal before closing. 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. Property appraisals are one of the many requirements.

This is a short sale and appraiser has made comment that carpet in master bedroom has been removed and has bare concrete floors yet does not pose a health hazard. She has done the appraisal as is but stated floor covering is required. 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. A reader asked us an appraisal question in our comments section recently about unfinished basements.

A quick glance under a sink to see rotting floors and moldy walls will nix a loan every time. Finish bathroom in basement. We have found contradicting info on if bare concrete slab flooring is acceptable for approval of an fha home under an as is appraisal. It is considered to be exposed foundation to fha and must be covered.

Water in the crawl space is a definite no no as is significant water standing in. Visually inspect the subject property both inside and out. Exposed concrete concrete flooring or concrete floor that is acid stained or painted is no longer acceptable flooring. A reader asks i have an appraisal prepared by fha approved appraiser.

Similar to conventional home loans fha loans feature fha appraisal requirements mandated by the hud. We cover those requirements and how they compare to conventional appraisals. Overview of fha appraisal guidelines for 2020. This is an unfinished basement with framing and partial.

Question is does fha accept the floor to be painted with a sealer. Finish flooring in bedroom completed the room was being completely redone and 2. Otherwise a new appraisal is required and the process starts all over again although a 30 day extension is possible under some circumstances. 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.

An appraiser will observe the property s condition during the required property appraisal and report the results on the fha s appraisal form. This is one of the biggest hot spots for an fha appraiser and rightly so.