FHA: When an FHA loan is being used, the appraiser has two objectives. The Department of Housing and Urban Development (HUD) requires him to determine the current market value, as with any appraisal. But they also require a property inspection to make sure the home meets HUD’s minimum standards for health and safety.
has issued two mortgagee letters that update its guidelines related to home warranty and inspection requirements for single-family fha loans. mortgagee Letter 2019-04 eliminates the FHA Inspector.
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For example, FHA appraisal requirements call for the home to be appraised and inspected by an FHA-approved appraiser. This person must follow stricter standards set by the government.
Using an FHA loan to purchase a home has it's perks, but can limit your home. of the home's value instead of the 5% – 20% required with a conventional loan.
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