March 17, 2019

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Articles Tagged With: Appraiser

What You Need To Know About Home Loan Appraisals As A First-Time Home Buyer

What You Need To Know About Home Loan Appraisals As A First-Time Home Buyer

What do first-time home buyers need to know about real estate appraisals when it’s time to make an offer on a home? Your real estate agent and lender know the power of the appraisal-do you? FHA Home Loans Require An Appraisal For Most Transactions There is only one kind of FHA mortgage loan that has no FHA-required appraisal, called the FHA Streamline Refinance loan. All others will need an appraisal to determine the fair market value of the home. The Appraisal Is A Tool For The Lender Borrowers should not use the appraisal to determine whether the home has defects or hidden problems. No matter what you may be told by others, the appraisal process is not intended to help the borrower decide whether or not the home is ok | more...

 
How Does An FHA Mortgage Help A First-Time Home Buyer?

How FHA Home Loan Appraisals Differ From Home Inspections

If you are serious about buying a particular home with an FHA mortgage loan, one of the big steps in the process heading toward loan approval is the FHA appraisal. The appraisal process and the home inspection are not the same thing, do not address the same concerns, and are intended for different users. What are these differences and why should you as the house hunter care about them? FHA Appraisals Are A Lender’s Tool The home that is appraised by an FHA fee appraiser does so in service of the lender, not the borrower. The lender is interested in knowing that the home meets minimum FHA standards and applicable building codes. The lender is also interested in setting a fair market value for the home; that is done by | more...

 
On Buying A First Home With An FHA Mortgage

FHA loans: A Mortgage For First-Time Home Buyers

While it should be pointed out that FHA mortgage loans are not restricted to those who have never owned a home before, it’s also good to note that FHA mortgages are an excellent choice for first time buyers since they won’t be required to buy homes with 20% down. Low- and no-downpayment mortgages are obviously an advantage to the first time home buyer; how does an FHA mortgage help these borrowers? Verify Your FHA Loan Eligibility All mortgage loans have eligibility standards; FHA, Fannie Mae and Freddie Mac, rural housing loans guaranteed by the USDA or even the 100% loans offered to qualifying veterans (VA loans) guaranteed by the Department of Veterans Affairs all have financial eligibility requirements. And all of these loans have minimum program guidelines that may or | more...

 
What You Should Know About FHA Loan Rules And Down Payment Gifts

Four Reasons You Need A Home Inspection After The FHA Appraisal

There are four good reasons why you need a home inspection as well as an FHA appraisal on the home you want to buy with an FHA mortgage. Some FHA loan applicants are tempted to sign on the dotted line based on the results of the FHA appraisal alone. Is this a good idea? No. Why not? If it’s good enough for the FHA, why isn’t it good enough for the borrower to accept the appraisal results and take it on faith that the home is exactly as it appears? #4: Get A Home Inspection Because The Appraisal Is Not Intended For The Borrower, It’s A Tool For The Lender The appraisal process is meant only to establish the home’s fair market value and determine that the home meets minimum | more...

 
How Much Will My FHA Appraisal Cost?

How Much Will My FHA Appraisal Cost?

How much does an FHA appraisal cost? This is a common question, most often asked in conjunction with whether or not the FHA regulates this expense as part of the FHA home loan process. The Cost Of FHA Appraisals And Home Inspections The first thing to remember when you are budgeting for an FHA appraisal is that you will also need to set aside money for a home inspection. You should never rely on the appraisal alone to determine whether the home, condo unit, or mobile home or modular home is suitable to purchase. The FHA appraisal costs money, and the home inspection costs money too. Borrowers who balk at the idea of paying “twice” for a service that is mistakenly viewed as nearly identical (appraisals are NOT identical to | more...

 
Getting A Mortgage With A Low Credit Score

When Is An Appraisal Required For My FHA Mortgage Loan?

When is an appraisal required for an FHA home loan? This important question often comes up when borrowers want to refinance a home using an FHA refinance loan such as cash-out refinance, FHA Streamline Refinance, or even when the borrower wants to apply for an FHA Reverse Mortgage. Appraisals are required for most FHA loan transactions-you will always have to pay for an appraisal for an FHA forward mortgage, which is the kind of loan you will apply for when purchasing a new home. Appraisals are required for both existing construction loans and FHA One-Time Close construction loans, though the process will vary for construction loans due to the nature of the transaction. Appraisals will also be required for FHA Rehab loans. The appraisal is intended to establish the fair | more...

 
FHA Home Loan Facts For First-Time Borrowers

FHA Home Loan Questions And Answers About The Appraisal Process

The FHA loan appraisal process is potentially confusing to a new borrower. If you are serious about purchasing a specific property with an FHA mortgage, the appraisal is an important step in the loan approval portion of your house hunting experience because it tells the lender whether the property is suitable for an FHA mortgage. What Is The FHA Appraisal And What Does It Do? FHA appraisals are performed when you want to purchase a specific property with a home loan. The appraisal is not done for a house you are “just looking” at; this process is reserved for the home you specifically want to buy. An FHA approved appraiser, assigned by your lender, will come to the property and give it a general review. This process is not as | more...

 
Is Now The Right Time To Buy Your First Home With An FHA Mortgage?

FHA Home Loan Rules For New Construction Appraisals

Borrowers who are interested in having a home built for them from the ground up using an FHA construction loan such as an FHA One-Time Close mortgage or any other type of FHA-guaranteed mortgage loan may wonder what the rules are for appraisals. After all, existing construction appraisal processes are for a home that is ready to sell (although the process may vary if the borrower is applying for certain types of rehab loans). While the appraisal requirements may be generally the same-the home must be safe, habitable, and have an economic life for the entire duration of the mortgage-there are procedural issues that affect new construction properties. With that in mind, appraisals on new construction run a bit differently in some procedural ways than existing construction mortgages; with the | more...

 
How to Qualify For An FHA Home Loan With Low Credit

FHA Home Loan Issues For Veterans

Veterans interested in buying a home have many choices including a VA home loan, but also FHA loans that function in much the same way as their VA counterparts. While it is true that VA loans require no down payment in most cases but FHA home loans always require one in most cases, some veterans explore their FHA loan options just the same. Some want existing construction loans, others want a One Time Close mortgage to build a suitable home from the ground up. One Time Close mortgages are available in both VA and FHA versions, so military and veteran borrowers have options with either type of mortgage. But some military members and veterans may enter the service after already having purchased a home, or after having assumed an FHA | more...

 
Protect Yourself When Shopping For A New Home

FHA Loan Appraisal Tips

FHA loan appraisal tips can be hard to come by if you are a first-time home buyer and aren’t even sure about the right questions to ask. Do you need to clear up any confusion over the FHA appraisal? Keep reading, you’ll learn that the appraisal process is more simple and straightforward than it may appear at first glance. FHA Appraisals Are Ordered For The Home You Wish To Purchase That may seem alike a simple and obvious fact if you have some experience with the home loan process, but some borrowers might not realize that the appraisal stage of the mortgage comes when you find a home you are serious about buying. You won’t need to know the actual fair market value of a home that you’re just “window | more...