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The appraisal also protects the lender by ensuring that the property is worth at least as much as the loan amount. After all, the value of the property will ultimately determine how much money the borrower can receive from the loan. What is a FHA Loan Appraisal Process?Īppraising a property is a critical step in the FHA loan process. For these reasons, an FHA loan can be an excellent option for first-time home buyers or those with limited resources. In addition, FHA loans typically have lower interest rates and down payment requirements than conventional loans. As a result, lenders are more willing to approve FHA loans, even for borrowers with less than perfect credit. This insurance protects the lender from losses if the borrower defaults on the loan. The FHA does not issue loans directly to borrowers, but rather insures mortgages that are issued by private lenders. The FHA is a federal government agency that was established to help make home ownership more affordable for all Americans. Want unlimited access to all of these appraisal checklists and many more educational resources for appraisers, including online CE courses? Become an Unlimited Learning Member.Learn about the FHA Loan Appraisal Process What is an FHA Loan?Īn FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA).
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To access the checklist, become an Unlimited Learning Member. This checklist breaks down the difference between “development” and reporting,” according to the way they are differentiated in USPAP. This appraisal checklist outlines everything you need to know about appraising this unique home type.
#HOME APPRAISAL CHECKLIST PLUS#
Get a breakdown of green home features, advantages, and disadvantages, plus a checklist of five essential rules to follow when appraising green homes. This checklist outlines the step-by-step process for appealing an appraisal that comes in too low. How Sellers and Their Agents Can Appeal An Appraisal This appraisal checklist provides quick and easy tips to help you make the most of your appraisal templates. 7 Quick Tips for Using Appraisal Templates Get six basic, but critical, rules for appraising basements. This checklist outlines the items that should appear in a narrative appraisal report. Get a breakdown of the Highest and Best Use Criteria. This appraisal checklist provides a step-by-step process for estimating the value of vacant lots before construction begins. This sample FHA Property Observation Checklist shows what appraisers look for during an inspection. Not yet a member? Learn about the benefits of McKissock’s Unlimited Learning Membership.
#HOME APPRAISAL CHECKLIST FOR FREE#
If you already have an Unlimited Learning Membership, you can access all of these appraisal checklists for free under the “Resources” tab in your membership dashboard. Below are ten awesome checklists available right now in our membership toolkit. These include appraisal checklists, classes, videos, whitepapers, recorded webinars, and more. Here at McKissock, our Unlimited Learning Members enjoy 24/7 access to a wide array of online resources for real estate appraisers.