When applying for an FHA loan, homeowners are required to have certified Fort Worth appraisers provide reports that show the property being financed meets the FHA’s minimum requirements. Before you schedule your appraisal, keep the following items in mind.
- Head and Shoulders Attic Space
If the attic of a home is very rarely used or accessed, it may have been blocked off or sealed for insulation purposes. The opening will need to be cleared away before the appraisal. The appraiser will need to have enough room to perform a “head and shoulders” inspection of this space.
- Clean Up for Your Fort Worth Appraiser
An appraiser cannot evaluate a home if he or she is unable to reach or see necessary areas. While clutter may not diminish the value of your home, it can slow the process or make it impossible for your appraiser to complete the report.
- Everything Has Value
During normal Tarrant County appraisals, certain features on a property might be given a zero value, such as an old, out-of-use storage shed. During an FHA appraisal, everything is valued.
- Every Structure Can Affect Your Approval
Just as that old out-of-use storage shed will have a value, it will also need to meet minimum health and safety standards. Even structures that you do not expect to use will need to have required repairs addressed.
- Complete Inspections Are Mandatory
There are no situations when the FHA will accept an exterior only or drive-by inspection. A complete, interior and exterior appraisal will be required.
- Check for Pests
In addition to structural issues, you will also need to place a high priority on identifying and addressing any potential health hazards, including pest control. Any signs of infestation should be addressed, and control measures documented, before your Fort Worth appraisal.
- Be Aware of the Minimum Requirements
The minimum health and safety requirements should not be taken lightly. If you have missed a required repair, this may cause you to have to wait before being able to close on your house.
8. Chipped Paint Can Slow Your Closing Process
One of the most common repair items during FHA appraisals is chipped paint, especially within older homes. The FHA wants to ensure that chipping and peeling lead paint is not an issue, so your older home may need a new coat of safe paint.
- Using Comparable Sales Figures
Tarrant County appraisers will often use older comparable sales figures when determining market values. During FHA appraisals, only sales figures from the last 12 months may be used.
- The FHA Is Available for Questions
Don’t forget that you can call 800-CALL-FHA to ask questions about FHA requirements. It is better to understand and meet the standards before your appraisal, than to have your closing delayed while you make repairs.