Actually, FHA inspections would be better understood if they were called fha appraisals, for that is what they truly are. The purpose of an appraisal is to determine market valve, not to investigate.
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For all appraisals of properties that are to be security for FHA-insured mortgages, and which are performed on or after January 1, 2006, the appraisal must be reported on one of the Fannie Mae appraisal reporting forms listed below as per property type.
The FHA appraisal is a tool for the lender to determine the home’s fair market value and a way to make sure a property meets MINIMUM standards. No matter what you might hear (and some mistakenly call the appraisal an "inspection") the appraisal will not tell you the true condition of the home.
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· An FHA appraisal has the same basic attributes as any appraisal. A value is placed on your house by evaluating it against comparable properties in the area. However, FHA guidelines require that the appraiser also makes sure the house meets certain safety standards.
A home appraisal is a necessary part of the loan application process for every type of loan. No new purchase loan and very few refinance loan program guidelines will allow for approval without one.
When you want to purchase a house with an FHA loan, the appraisal process is a vital part of the transaction; it’s impossible to buy a home with an FHA mortgage unless there has been an appraisal on the property to determine the fair market value of the home.
· Overall, FHA appraisals are meant to determine if everything is working as it should, if there are any issues that present a safety or health concern, and if there are any issues that would affect the marketability of the home. Here is a general list* of what an FHA appraiser must inspect during the appraisal of the home:
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An FHA appraisal has the same basic attributes as any appraisal. A value is placed on your house by evaluating it against comparable properties in the area. However, FHA guidelines require that the appraiser also makes sure the house meets certain safety standards.