A FHA appraiser is a state certified appraiser who has applied for and been approved to appraise property for FHA insured loans.
Because the down payment is lower and loan limits have been raised in Southern California, many first time home buyers have been approved for FHA insured loans. Boy is it a buyers market right now.
FHA has strict guidelines about what a property must have and not have in order to qualify for their insurance. For example, if a property is subject to hazards, contaminants, noxious odors, offensive sights or excessive noises, it will not qualify. If there is evidence of soil contamination, grading or drainage issues, or deficiencies regarding the well or septic system then the property will most likely not be approved.
Properties approved by FHA must be safe, secure and sound. FHA wants to protect the health and safety of the occupants, protect the security of the property and correct physical deficiencies or conditions affecting structural integrity.
Our job as appraisers is to be the eyes, ears and nose of the FHA. It is our job to report the risks that FHA would be taking by insuring the property as it is in the current state.
;)
;)
This is SO important! I recently completed a 2nd appraisal on a property for a lender for an FHA construction. The builder already had 1 appraisal completed as an FHA - for some reason, the lender wanted a 2nd appraisal as well.
I wonder if the first appraiser noted this:
This was within 2000 feet of the subject. Likely not a huge deal if the county approved the subdivision, except when I drove over to the treatment facility - this is what I saw: