FHA Appraisal Requirements Checklist
FHA Appraisal Requirements Checklist
General Items
- Check for any outstanding liens or title issues.
- Ensure compliance with local zoning laws.
- Review for any environmental hazards.
- Confirm that the property has proper insurance coverage.
Property Eligibility
- Ensure the property is a single-family home, condo, or multi-family unit (up to 4 units).
- Verify the property is located in an approved FHA area.
- Check that the property meets FHA minimum property standards.
- Confirm that the property is safe, sound, and secure.
- Ensure the property is accessible and has basic utilities.
Appraisal Process
- Select an FHA-approved appraiser.
- Provide the appraiser with a copy of the purchase contract.
- Ensure the appraiser has access to the property.
- Confirm that the appraisal is completed within the required timeline.
- Review the appraisal report for accuracy.
Financial Considerations
- Verify the property's value meets or exceeds the purchase price.
- Ensure any necessary repairs are noted in the appraisal.
- Confirm that the appraisal fee is paid.
- Check if the appraisal is valid for at least 120 days.
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