Me and my team are always on the lookout to help our realtor partners, Buyers, and Sellers gain more insight and provide more value to their clients as well so let’s study What is Federal Housing Loan (FHA) and how sellers and buyers ensure home ready for good appraisal?
If you’re getting an FHA loan, you’ll need to get an appraisal in most cases. An FHA appraisal both establishes the value of the property and makes sure it’s safe for the homeowner or prospective homeowner.
The article below will explain exactly how the FHA appraisal process works, help you create an actionable checklist, talk about the aftermath and then discuss the next steps.
What Is An FHA Loan?
FHA loans are government loans backed by the Federal Housing Administration, or FHA, which operates under the Department of Housing and Urban Development, or HUD. These loans offer lower down payments and more flexible credit requirements than a conventional mortgage. However, qualifying for an FHA loan requires a borrower and property to meet certain criteria, and as mentioned above, a home must be appraised and inspected by an FHA-approved appraiser.
Like most government-backed loans, an FHA loan is a nonconforming loan.
Enjoy your FHA Appraisal Checklist as a Thank you!
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