![]() ![]() Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. I have helped over 900 Kentucky families buy or refinance their home over the last 20 years. The guideline change also puts FHA appraisal expirations on par with conventional loan expiration dates.□ ![]() □□Eliminates the optional 30-day extension. ✨Allows the appraisal update to be ordered AFTER an appraisal expires and □□Extends the appraisal update validity period from 240 days to one year from the effective date of the initial appraisal report ✨Updates the initial appraisal validity period from 120 days to 180 days from the effective date of the appraisal report ✨Applies to case numbers assigned on or after June 1, 2022 Updated FHA Info Letter Sent Jfor Kentucky FHA Appraisal Reports It’s still a good idea to get a separate home inspection to make sure you’re making a wise investment! An FHA appraisal is not the same as an independent home inspection. These are some common items an FHA appraiser looks for, but other issues that might make a house unsafe could keep it from passing. Evidence of past or present standing water.No ventilation (either an exhaust fan or window).Broken or leaking toilet, sink, or tub/shower.Missing or broken appliances usually sold with a home, including stove and refrigerator.Whether each room has a window or door to the exterior to be used as a fire escape.Condition of gutters, chimney, stairs, railings, and porches.Doors that don’t properly open or close.Leaky or defective roof and holes in the siding.Excessive noise, such as being close to an airport.Whether the house is too close to outside hazards, such as a leaking oil tank or a waste dump.Exposed wiring and uncovered junction boxes.If the property is accessible to vehicles, especially emergency vehicles.Chipped or peeling paint in homes built before 1978.Whether the utilities (water, sewage, heat, and electricity) all work.Here is a list of items an FHA appraiser may look for: If you’re using an Kentucky FHA loan to buy a home (or selling to FHA borrowers), the property must pass an FHA appraisal, which determines the current market value and makes sure the house meets certain safety standards. Your Kentucky FHA Home Appraisal Checklist ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |