Someone who is obtaining or refinancing a mortgage backed by the Federal Housing Administration (FHA) must first possess the home pass an FHA appraisal. An appraisal is that the conclusion of this house 's market value by a professional appraiser, who checks over the property. FHA appraisals are intended to make sure the home is safe for occupancy and find out whether the property would be worth the amount of the mortgage loan being asked.
Roofs must have a remaining lifetime of at least two decades. The FHA allows for a max of three layers of roofing. A roof which has the highest number of layers and demands repairs must be entirely redone. Siding and paint must be in good shape. Porches have to be in great shape, and any attached stairs with damage could be deemed a safety hazard.
The FHA appraiser inspects any attics or carpeting in the home. The appraiser checks for signs of water damage and structural damage, and the state of any installed appliances, like a hot water tank, even in the basement. A sump pump, which keeps water out of a basement, is permissible as long as the pump is working in the time of this evaluation and wired according to FHA standards. Attics are inspected for structural integrity and signs of draining water in the ceiling and windows. Crawl spaces, that allow access to vital home systems like a furnace, must be ventilated, dry and accessible. The FHA appraiser is required to enter the crawl space with at least his shoulders and head.
The FHA appraiser will analyze electrical boxes for frayed or damaged wires. Any rooms that the occupants can use in the home must have sufficient heating. Some unconventional heating methods, such as space heaters, can be reversed, depending on state law and the state of the equipment. Private sewer systems, such as septic systems, are accepted by the FHA provided that the local health jurisdiction has offered certification. Private wells for water have been assessed from the appraiser to guarantee the space between the well and any sewer system or pollutant is acceptable.
Homes built before 1978 has to be assessed by the FHA appraiser for damaged paint surfaces on account of the possibility that lead paint, a possible health hazard, has been used. Insulation around water pipes is scrutinized by the appraiser for signs of crumbling asbestos, which could pose a significant health hazard. Any always loud noises, noxious odors or additional issues the house is subject to because of the surrounding regions must be considered by the appraiser in the event the issues interfere with the marketability of their house and overall health of possible occupants.