Question on remodel requirements of FHA Loans?
I need some clarification on FHA loans.
Does the FHA loan required that an appraised value be met Meaning after appraisal does the home need to be improved to met FHA loan requirements? and are there any. See I was told that after appraisal that the home need to be remodeled to meet a certain appraisal figure?
What typically needs to be done to to make a home worth $130,000? from 80,000
To Meet the standards of and to keep the FHA loan do you need to make the home the value a Appraiser states?
- LandlordLv 710 years agoFavorite Answer
This makes no sense, the appraised value is simply what it is worth, it never has to be worth more then it is.
FHA requires homes to be move in ready, which is one reason many sellers do not accept FHA, they just do not want the hassle.
Once you buy it they will not be appraising it again.
- 10 years ago
An FHA appraisal requires that there are no health, safety, or security issues that could negatively impact the occupants and provides a manual that addresses these issues. If there is a problem with the condition of the property, then the appraisal would be done "subject to" the problem being corrected and most likely re-inspected, to ensure compliance. The market that the property is located in will determine the value. As far as increasing the value of a home from 80k 130k, the market would be a huge factor in determining that. If comparable properties to the home are selling at 80k, then that is what it is worth. It would be highly improbable that the value could be increased by 50k, no matter how much remodeling you do.Source(s): 7 years experience as an FHA certified appraiser.
- yadonLv 44 years ago
the only factor you're able to do in yet in a distinctive way is have the living house appeared at via an FHA appraiser (that is finished mutually as interior the technique of remaining). you purely could use a lender that does FHA loans, that's maximum of them. It shouldn't take any extra to do than a time-honored loan (a minimum of it did no longer for us). i think of you ought to purchase a foreclosed living house with an FHA loan as long because of fact the owner accepts FHA loans. bear in mind that the living house has to fulfill FHA standards to establish which you to purchase it. that certainly potential that there won't be in a position to be something incorrect with it. it may be fairly no longer common to discover one you're able to easily purchase because of fact in our adventure there is often some thing incorrect with a house. regularly the supplier could make those maintenance yet foreclosure are bought as is.