FHA Appraisal

Express Appraisals is an approved FHA appraiser

We follow the appraiser requirements and the inspection checklist as a guideline to help assess the safe condition and value of a home so that the FHA lender can approve a loan.

Home appraisals and inspections are different. FHA appraisals are for lenders and home inspections are for buyers. The lender requires an appraisal for three reasons:

To estimate the value of your potential new home
To make sure that the house meets FHA minimum property standards
To make sure that the house is marketable

The FHA Appraisal Process

Our FHA Appraiser will use the inspection checklist to evaluate the value and safe condition of a home to ensure it is free of hazards that could affect the health or safety of the home’s occupants.

The FHA Appraiser submits a report which is a summary of the observations of the home and answers YES if there is a Problem. If a condition is marked [yes] that means the property you want to buy does not meet the Minimum Property Standards of the FHA. Your lender may not provide you with an FHA insured loan until this condition is resolved.

If a condition does not meet Minimum Property Standards speak to your lender about how it should be handled.

Ask your lender for a copy of the full FHA Home Appraisal.

FHA Appraisal Report

FHA appraisers are not only concerned about value but look closely at health and safety of the borrowers.

Examples of items FHA appraisers look at closely:

Broken windows, evidence of rodent infestation, chipping paint or peeling paint, (If the house was built before 1978 and may have the potential for lead based paint), bedroom windows must open in case of fire, smoke detectors, remaining life of the roof and furnace, environmental contaminants like asbestos and mold, evidence of termites, and other safety issues. The utilities have to be on during the appraisal inspection so they check the various mechanical components are working.

An FHA loan is a federal assistance mortgage loan insured by the Federal Housing Administration in the United States. For more information on FHA appraisals you can go to www.hud.gov.

816-682-3998

Express Appraisals Inc. provides REO Appraisals for Missouri (MO) and Kansas (KS).