How strict are FHA inspections?

FHA loans do not require a home inspection, but one is strongly encouraged. Rather, an appraisal is required which: Determines the current market value of the home for lending purposes and possibly resale purposes. Conducts a basic inspection of the home to make sure that it is safe and habitable.

What fails FHA appraisal?

The FHA is most concerned with issues that affect the safety and livability of the property. So if anything major happens that could affect the safety or health of an occupant, the appraisal is failed and the issues need to be rectified before the mortgage can close.

Does FHA require bedroom photos?

However, appraisers must include their own photographs as well to document compliance. Appraisers must also provide photos of all rooms in the property, plus any recent updates or renovations. For two-to-four-unit properties, there must be photos of hallways, foyers, laundry rooms and other common areas.

What can hold up an FHA loan?

Homes financed with FHA loans must meet safety, security, and soundness standards, which include areas like roofs, electrical, water heaters, and property access, among others. Workarounds for meeting the standards include having the seller make repairs themselves before selling the property.

Do FHA appraisals come in low?

What options do we have in this situation, as home buyers?” Having an FHA home appraisal come in below the purchase price is a fairly common scenario. (Of course, that probably doesn’t make you feel any better.) You basically have three options.

What does FHA look for?

Checklist of FHA appraisal requirements Must have an undamaged exterior, foundation and roof. Must have safe and reasonable property access. Must not contain loose wiring and exposed electrical systems. Must be free from damaged underground storage tanks and soil contaminants.

Does FHA require broken windows to be replaced?

If an element is functioning well but has not reached the end of its useful life, the Appraiser should not recommend replacement because of age.” Therefore based on this information from FHA, a cracked window would not require repair.

Do FHA mortgages take longer to close?

It takes around 47 days to close on an FHA mortgage loan. FHA refinances are faster and take around 32 days to close on average. FHA loans generally close in a very similar timeframe to conventional loans but may require additional time at specific points in the process.

Can FHA loans close in 30 days?

You can typically close on an FHA purchase or refinance within 30 days of submitting your loan application.

Are security bars FHA compliant?

According to the FHA official site, “…security bars or burglar bars are acceptable if they comply with local fire codes. FHA requires that occupants of a bedroom must be able to get outside the home if there is a fire” That rule is found in FHA Handbook 4150.2, Section 3-6B6.

What does the FHA say about burglar bars?

That’s not to say that the FHA doesn’t address specific conditions. For example, a home to be purchased with an FHA insured mortgage which features burglar bars on the windows is regulated by an FHA rule which states the bars must allow the occupants safe exit in case of fire.

Do bedroom windows with security bars require an appraisal?

Bedroom windows with security bars require a quick release mechanism for emergency egress. If not so equipped or inoperable, condition the appraisal on a “required repair”.

What are the HUD Guidelines for security bars?

As I stated in a previous post, HUD guidelines are concerned with the Minimum Property Requirements of a property which include safety, soundness, and security. As crazy as it sounds security bars falls in the safety category rather than security.