An FHA home appraisal is different from a regular Conventional home loan appraisal, or from an independent appraisal that a homeowner orders. FHA appraisals include a basic inspection of the property as well. However, it’s important to remember that this “inspection” isn’t the same thing as a regular home inspection and, and you shouldn’t allow it to take the place of a home inspection that you would order when you buy a home.
FHA Home Appraisal – How is it Different?
An FHA loan is a government backed loan that requires a property to adhere to specific, basic livability and safety standards. An FHA home appraisal is stricter than the inspection that an appraiser conducts for a Conventional home loan. If there are blatant safety issues that come up in the inspection appointment, the appraiser will make a note of them on their report. It is required that these safety issues be fixed before settlement.
Sellers often take responsibility for fixing the issues before closing, but contractually, these repairs are negotiable, so the seller isn’t obligated to fix anything.
Are you thinking of buying a home in Northern Virginia, and you’re trying to decide which loan type would be best for you? Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com so I can help you understand how your choice of loan could strengthen or weaken your offer to purchase a home. I can also put you in touch with some great lenders who could talk to you about which loan option would be best for your individual situation.