About FHA Appraisals
An FHA mortgage loan is a type of mortgage insured by the Federal Housing Administration. This type of loan requires an appraisal completed by an FHA Roster appraiser. Indianapolis Appraisals is a certified provided of FHA appraisals in the Indianapolis area and our appraisers have the experience and education required to meet FHA requirements. In the past several years, our company has attended FHA appraiser training provided by HUD to ensure we have the most updated and accurate information involving FHA appraisals. It is important to us to provide the highest quality FHA report that meets our clients’ and HUD’s expectations.
Who Can Complete FHA Appraisals?
It should be noted that not all appraisers are approved to complete FHA appraisals. Only those appraisers who have met HUD’s requirements may complete this type of appraisal. Additionally, FHA appraisals are not the same as regular appraisals and usually involve a greater scope of work and a more detailed analysis of a home’s condition. An appraiser must be an Indiana Certified Appraiser and also fulfill HUD’s requirements.
FHA Appraisals – What Homeowners Should Expect
Typically, an FHA appraisal inspection will take longer than a regular appraisal. When scheduling an FHA appraisal, the appraiser should verify with the homeowner that all utilities are on and operational. The appraiser will typically test the water pressure, test the hot water and test the heating and cooling system to make sure it operates. The appraiser will also test a random sample of electrical receptacles and light switches to make sure the electric functions. A homeowner should also be prepared to have their attic accessible as well as their crawl space if applicable. The appraiser is required to complete a “head and shoulders” inspection of these two areas. The appraiser may also check a random sample of windows to make sure they are operational in case of a fire emergency. As you can see, an FHA appraisal is more involved than a regular appraisal and can take additional time to complete. Please keep in mind that this is only a short list of what an FHA appraiser does and every appraiser’s scope of work may be different for each assignment. Check with one of our Indianapolis FHA appraiser for more detailed information. It should be understood that an appraisal is never a substitute for an inspection from a qualified home inspector. Indianapolis Appraisals always recommends buyer’s and homeowner’s get a complete home inspection to verify a home’s condition before buying or selling a home.
I f you are a lender or homeowner needing an FHA appraisal in the Indianapolis Metropolitan Area; you should be rest assured we can help you and provide you with a certified FHA appraisal report.