Heating unit is adequate and in good working condition.Swimming pool (if applicable) must be in working order and adhere to local ordinances.Condition of roof and gutters (maximum of 3 layers on the roof).Condition of stairs, railings and porches.Room for storage, food preparation and the serving of food.Sink in good working condition and with no leaks.Any other appliances included must be working.Stove or range with an oven in good working condition.Kitchen – The items below are unique to the kitchen portion of the inspection There must be ventilation – can be an exhaust fan or window.There must be a tub or shower and in good working condition with no leaks.There must be a sink and in good working condition with no leaks.
There must be a toilet and in good working condition with no leaks.Check whether the room has electricity and its conditionīathroom – The items below are unique to the bathroom portion of the inspection.In Every Room – The following applies to every room in the home. The FHA inspector will be looking at the following during the inspection process:
HOME APPRAISAL CHECKLIST FORM FOR VA LOAN FULL
Next, the FHA inspector will perform a full inspection according to FHA guidelines making sure the home meets the minimum standards for an FHA approved home. The home will be compared to homes that have the same number of bedrooms, bathrooms and also similar property characteristics that may impact the home value (ie waterfront). The inspector will compare the home to others that have recently sold nearby. What will an FHA Inspector Look For?įirst, the FHA inspection will determine the current market value. There is an inspection checklist that will be followed, and it may take a few days before the full FHA inspection report is returned depending upon the inspector’s workload. The FHA inspection will take a few hours since it is an in depth look at everything. You and find an inspector using the FHA inspector lookup tool. It is done in this order, so you do not spend money on an inspection if you do not meet the other qualification requirements. Then, you are able to move ahead with the FHA inspection and appraisal. You pass the initial requirements for income, assets, credit, etc. The loan will first need to be conditionally approved. Read our article on FHA closing costs for a full understanding on how that is handled. The cost for the inspection may be included in the loan. Although there is no set national price for an FHA inspection, you should budget on the high. How much does an FHA Inspection Cost?Īn FHA inspection will likely cost you anywhere from $300 – $600 depending upon the location and size of the home.
Read our article on FHA approved homes for more details on what is needed to meet the minimum property standards. Although the appraisal protects the buyer, its true intent is to protect the lender.Īn FHA insured loan will require you to have the FHA inspection and appraisal. The FHA inspection also verifies the true market value of the home.Ī standard non FHA appraisal simply verifies that the home value is at least as much as the selling price by determining the true market value. It is looking for structural issues, hazards, and makes sure the home is in good livable condition while meeting the FHA minimum property standards.
What is the Difference Between an FHA Inspection and an Appraisal?Īn FHA inspection is an in-depth analysis of the home. If you are inquiring about the FHA inspection because you are selling your home, we can help you with your next purchase even if you are looking for a conventional loan or some other creative mortgage program. If you are selling a home and reading this to make sure your home can pass an FHA inspection, we can help with your next mortgage regardless of whether it is an FHA loan, conventional, etc Then, click to connect with an FHA lender who can provide you with a very competitive rate quote in all 50 states. We will help educate you on the FHA inspection and appraisal process. This inspection is paid for by the buyer and is more in depth than a standard appraisal. If you are buying or selling a home where an FHA loan is involved, you will need to be prepared for having an FHA inspection on the home.
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