FHA loans are becoming much more popular than ever. I know my company has been completing a significant amount of FHA appraisals when compared to the prior years. Before starting the process of getting an FHA loan, you should talk with your lender about what appraisers look for when completing an FHA appraisal or talk with a certified FHA appraiser. Not all appraisers are FHA certified and the requirements for becoming certified have recently changed. FHA appraisals are not the same as regular appraisals and you might be surprised to find out your home may not qualify or you have to make repairs to it before you can close the loan. HUD provides several references that you can use to do your own research but the handbooks can be overwhelming at times to read and you can get lost in all the pages. I'll post a link to their site at the end and you can check them out for yourself.
To summarize, HUD wants to make sure your home meets their Minimum Property Requirements (for existing homes) and help make sure your home is safe, secure and sound. I won't go into everything that an FHA appraiser looks for but I have compiled a short list of the most common problems I see when out on an inspection.
Again, this is not an all inclusive list and provided to give you an idea on what FHA appraisers look for. To view HUD's handbooks regarding FHA appraisals and loans click here.
If you need an FHA appraisal in the Indianapolis area, please give us a call and one of our Indiana Certified FHA Appraisers will be glad to help.