![]() How the FHA Process Is Different from a 'Regular' Transaction The report will then be sent to the mortgage lender for review and further action. The report will include an estimated value of the home, as well as any required repairs. After this review process, the appraiser will write a report to detail his findings. He will also visit the "subject house" and evaluate it both inside and out. Within the context of FHA loans, the purpose of the appraisal is to determine the market value of the home that is being purchased.ĭuring this process, the appraiser will look at comparable properties that have sold recently, in the same area as the one being purchased. An appraisal is an expert assessment of a particular product or asset (in this case a house) to determine its value. Related: Guidelines for desktop and exterior-only appraisals What Is an Appraisal? Here is an overview of FHA appraisal requirements and guidelines in 2021, based on current policy handbooks. This individual will determine the current market value of the property, and will also inspect it to ensure it meets HUD's minimum property standards. If you use an FHA loan to buy a house, the property will have to be appraised and inspected by a HUD-approved home appraiser. Note: This page was updated in January 2021 and to include the latest information on FHA appraisal guidelines and requirements for 2021. By Brandon Cornett | © 2021, all rights reserved | Duplication prohibited
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