FHA Approved
Sam Carr is on the FHA Roster of approved Residential Real Estate Appraisers for Connecticut FHA Appraisals. Based in Meriden, CT which is located in the northern part of New Haven county, but also abuts Hartford and Middlesex counties, the appraisal territory for SC Appraisal, LLC covers New Haven, Hartford and Middlesex counties. FHA requirements are more stringent than a conventional appraisal and I understand the unique rules, procedures and requirements in the FHA's guidance and policy documents.
Twelve of the most common problems or repairs in houses found for an FHA Appraisal are listed below. These conditions are listed to help you understand and realize what deficienceies there might be.
The purpose of a repair is to correct deficiencies, which may affect the health and safety of the occupants or the continued marketability of the property. If possible, I suggest that you make any repairs to your home prior to the appraisal. This will improve the appraisal process as well as the marketability and help the sale or refinance of your home go smoothly.
1. If the home was built prior to 1978, chipping, peeling paint must be scraped and painted. This includes interior, exterior, garages, sheds, fences, etc.
2. Any useful components (appliances, floor covering, etc.) of the home, especially the roof, should have 2 years of useful life remaining. A roof should have no more than 3 layers of shingles.
3. Broken windows and doors should be replaced.
4. The cause of negative drainage must be cured (i.e., improve drainage away from house, gutters, french drains, etc.).
5. Health and safety hazards (i.e. electric garage door opener won't reverse with resistance; burglar bars). GFIC outlets are not an FHA requirement.
6. Abandoned inoperable wells must be capped and sealed by a licensed well sealing contractor.
7. Safety handrails should be installed in open stairwells of three or more stairs.
8. Infestation of any kind should be exterminated (i.e., insects, mice, bats, etc.).
9. Damaged or inoperable plumbing, electric and heating systems should be repaired. The appraiser will check these areas.
10. Structural or foundation problems must be repaired.
11. Flammable storage tanks must be removed and filler cap sealed from the inside (i.e., buried oil tank).
12. If there is a crawl space, it will be the homeowner's responsibility to make this area accessible so that it can be thoroughly inspected. The same is true of attic spaces.
Keep in mind that these are the most common repairs. Contact your lender with specific questions regarding your property. Visit the FHA/HUD website for more information.
If you're in need of an appraisal for an FHA loan, please contact me and I'll be able to help you right away, whether it's for a first time buyer, refinance or a reverse mortgage.
The Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD), insures an FHA loan. The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. Remember, the FHA is different from the VA appraiser panel in that the lender can choose the appraiser.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.