FHA appraisals are getting tougher again. For a couple of years they relaxed the guidelines but nowappraisers are being pressured to be tougher on the appraisals. Sure the mortgage people can pick the appraiser but there are no more blind eyes. No appraiser wants to get caught not doing their job.
Years ago FHA appraisers were checking for bad uneven concrete, missing railings on stairs. But now they are making sure:
- the hot water heater is working
- the stairs are not bad
- the furnace is running
- the paint isn’t peeling on the house
- there are no broken windows
- the roof shingles are not curling or the roof needs replacing
FHA appraisals are a little tougher but getting a FHA mortgage is still a great way to go. FHA just wants you to buy a house that is in decent shape and is not going to fall apart. So if you have very little money for a down payment a FHA loan is a great way to go.
But be sure to get a home inspectioneven though the FHA appraisal is done. A home inspector is usually more indepth than the FHA appraiser.
Russ Ravary your Metro Detroit real estate agent
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