Tips for FHA appraisal repairs

When it comes to getting loans for a home, there are multiple types. The one we will focus on today is an FHA loan and the FHA appraisal process for a home. 

An FHA, Federal Housing Administration, loan is a mortgage that is insured by the FHA and is issued by an FHA-approved lender. 

In order to use an FHA loan, both the borrower and property must meet certain criteria. 

This is where the FHA appraisal comes in. The FHA appraisal confirms that a home will qualify and is safe and secure. This also means that it is a secure investment that will retain the value for the life of the loan, according to NerdWallet. 

Before going into an FHA appraisal, here are some things to check and to repair if needed: 

• Check the paint on the inside and outside of the home.

• If it is peeling or damaged, repaint or repair it.

• Check for leaks all over the home, repair if necessary.

• HVAC, foundation, plumbing, roof

• Check structural settlement in the crawl space and foundation to meet these standards.

• Crawl space: 18" access to areas where there is ductwork, plumbing, conduit, electrical, insulation. 

• Foundation: cracks other than normal settling, bowing walls, water intrusion, etc. 

• Check the attic for adequate insulation, mold removal, ductwork and exhaust venting connection, if there needs to be debris removal, etc.

• Check for missing or loose handrails and replace or fix them. 

• Check for cracks in drywall and bowed walls.

• Check for doors that will not close properly and windows that do not open, inoperable locks. 

• Replace and repair those as needed.

• Repair or replace exposed wiring.

• Install safety devices such as smoke detectors, carbon monoxide detectors, water heater pressure relief valves, etc. 

• Repair or replace any broken overhead garage door openers.

• Check condition of exterior

• Uneven concrete 

• Broken glass or fencing

• Condition of pool; if applicable. 

*All information in list above is from Guaranteed Rate Affinity*

Checking and repairing these things prior to an FHA appraisal can help insure that these things will get approved and your home and client will qualify for the loan.