This video hits on some of the most common items we find on our Chicago appraisal inspections that require repair when the property is an FHA transaction. We are the leading Chicago appraisal firm specializing in property appraisals for Divorce, Bankruptcy, Tax Appeals, Probate & Estate, Pre-Listings, FSBO’s and more. We are considered by many to be the top appraisal firm in the Chicago market and surrounding suburbs.
The past year has brought rejuvenation to FHA financing. Loan amount in the $700,000 and mortgage lending companies that have staffed up with qualified underwriters. The appraisal piece has been a mystery to many of the realtors, buyers and seller. An FHA appraisal has different criteria than a conforming loan appraisal.
Many of the single family homes in the Walnut Creek area are good candidates for the FHA mortgage product. The interest rates are as competitive as conventional and FHA only requires a 3.5% down payment and credit scores in the 600 range. There are mortgage insurance costs, but if you compare the FHA loan to a conventional loan you may find that it fits your needs better.
Alain Pinel Realtors has created an appraisal checklist that assists buyers and sellers to confirm a home’s qualification for a FHA loan. This checklist is a great way to help sellers market to a broader market and buyers to buy with a great mortgage product. (Aug, 2010)
FHA Appraisal Changes and Requirements
With the help of Jacksonville appraisals, you can identify the problems that might slow down your FHA loan approval process.
Diorio Real Estate Appraisal Services (203) 755-7965 525 Meriden Road, Waterbury, CT 06705