An FHA home appraisal is similar to a regular appraisal in some ways, and different in others. This article will examine those similarities and differences in order to give buyers and sellers in Northern Virginia a good idea of what to expect during this appraisal process.
A Look at the FHA Home Appraisal Process
First and foremost, regardless of whether or not we’re talking about an FHA home appraisal or a conventional home loan appraisal, the job of any appraiser is to assess the fair market value of the home in question. The appraisal process shouldn’t be confused with a tax assessment, which is an entirely different process.
FHA loans are governed by the Federal Housing Administration, which has different rules regarding a home’s condition when it comes to approving a loan. The FHA mandates that a home meets certain minimum safety standards, and the home is inspected prior to settlement to make sure these minimum standards exist. The FHA appraiser is the person who actually performs this inspection at the same time that they’re assessing the fair market value of the property.
Read Part 2 in my blog series on the FHA home appraisal process.
Email me at DarrenRobertsonHomes@gmail.com for a free report on the advantages and disadvantages of FHA loans!