Rely us for your FHA-Appraisals (731) 668-2945

Do you need an FHA Approved Appraiser?

FHA Approved Appraisers

We pride ourselves on staying current on the constantly changing regulations imposed by the Federal Housing Administration. Appraisal Services, Inc. currently has four appraisers who are approved thru the US Department of Housing and Urban Development and who are well versed in FHA requirements. If you are in need of an FHA Appraiser for an FHA loan in West Tennessee, please contact us today. We'll do our best to help you right away. We are proud of our reputation as being West Tennessee’s premier FHA appraisal provider.

The FHA is the Federal Housing Administration, which is a federal organization in the United States Department of Housing and Urban Development (HUD); if your financial transaction is an FHA-secured loan, it means it is secured by them. The FHA does not loan capital to borrowers. Rather, it provides lending organizations mortgage insurance in case the borrower defaults on his or her loan obligations. Accessible to all buyers, FHA loan programs are designed to aid credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans. Remember, the FHA is different from the VA appraiser panel in that the lending organization can select the appraisal company.

Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. The loan programs that the Federal Housing Administration offers are extremely useful to buyers with minimal starting capital.The Department of Housing and Urban Development (HUD) has recently revised its minimum property standards to decrease the number of repairs and mandatory inspections required to qualify for an FHA Loan. Below are some of the most common repairs to consider before pursuing an FHA Appraisal.

LEAD PAINT -

If the home in question was built before the year 1978, any peeling, chipping, or chalking paint on the house, or any other structure on the property must be scraped, primed, and painted. If the home is built after 1978 HUD no longer requires painting of defective paint surfaces, in most cases. Any exposed wood will still require painting or covering to protect it from the elements.

STRUCTURAL DEFECTS -

Large foundation cracks, sagging floors or roofs, and wood that has significant deterioration are all conditions that require professional repair. Leaking and worn out roofs require repair or replacement. Our appraisers recommend termite reports for most homes in Tennessee due to it being a termite prone area. Visible evidence of a past or present termite infestation or evidence or dry-rot will make this letter a requirement for an FHA loan.

UTILITIES/MECHANICAL SYSTEMS -

In order to avoid a second trip fee for re-inspection, all utilities should be on at the time of the initial inspection. All mechanical systems must be operating. Loose wiring, open splices, and other hazardous conditions will require repair.

HEATING -

HUD requires that the property must have a permanent heat source. The heating and air conditioning system (if present) must be operating properly upon inspection. Space heating systems are acceptable if installed in accordance with local building codes. Combustible (oil/gas) heat requires exhaust ventilation.

WINDOWS -

Inadequate access/egress from bedrooms to the exterior of the home is unacceptable. This means that at least one window in each bedroom must open and close freely when tested by an FHA approved appraiser. This is to allow an escape route in case of fire or other emergency. If the windows have burglar bars on them they must have a release mechanism (at least one per bedroom).

CRAWL SPACE & ATTIC -

Access to both the attic and the crawl space is required for an FHA appraisal inspection. Both must have adequate ventilation. Crawl spaces must have sufficient clearance for inspection and maintenance.

PLUMBING -

Any major plumbing problems will require inspection and repair. Water heaters must have a pressure relief valve. Water Heaters should also have a drain pan underneath of them.