Fha Appraisal Guidelines For Concrete Floors

Overview of fha appraisal guidelines for 2020.

Fha appraisal guidelines for concrete floors.

This is one of the biggest hot spots for an fha appraiser and rightly so. Finish bathroom in basement. Visually inspect the subject property both inside and out. There were two items in to be completed in the fha appraisal before closing.

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. Finish flooring in bedroom completed the room was being completely redone and 2. At a minimum the appraiser must complete the following steps. 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.

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. Exposed concrete concrete flooring or concrete floor that is acid stained or painted is no longer acceptable flooring. She has done the appraisal as is but stated floor covering is required. 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.

The fha requires that loans must close within 120 days of the appraisal and the original appraiser must return to the property within this timeframe to confirm that any necessary repairs have been made. A reader asked us an appraisal question in our comments section recently about unfinished basements. We were conditionally approved for fha. Question is does fha accept the floor to be painted with a sealer.

This is an unfinished basement with framing and partial. We cover those requirements and how they compare to conventional appraisals. Property appraisals are one of the many requirements. A reader asks i have an appraisal prepared by fha approved appraiser.

Water in the crawl space is a definite no no as is significant water standing in. Watch for soft floors around toilets and tubs leaky faucets roof leak stains in the ceiling. Otherwise a new appraisal is required and the process starts all over again although a 30 day extension is possible under some circumstances. A quick glance under a sink to see rotting floors and moldy walls will nix a loan every time.

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. It is considered to be exposed foundation to fha and must be covered.