One your FHA offer has been accepted, then you need to get an appraisal done. FHA appraisers are the only appraisers that can do this part of the process. FHA has certain guidelines that they want followed to ensure that the home meets their requirements for the loan.
The FHA appraisal is for the benefit of the lender. Keep in mind that they are looking to lend on a home only for what it’s valued at. We want to always believe that the home is worth more when we buy it because we are proud at how much we spent. Then, we are proud once we own it so we can be sure to get the most of out the loan if we wish to refinance it to pay off debt.
The FHA appraisers must show that they have the proper credentials, and in turn the new requirements prohibit that the mortgage broker request the appraisal on their own. This is to keep everything fair and balanced so that we don’t end up with a mess such as what we have now. They don’t want to lend money on a property that is damaged and not really of that value and they don’t want to have the home over valued to end up with a home that will eventually be upside down. These situations bring about financial hardship for everyone, so trust the expert that handles your FHA loan.
For more information you can go to my website; www.fhaloansnow.net.
-Mayer Dallal
Wednesday, June 2, 2010
FHA Appraisers and the Facts
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