FHA

A Shared Garage and FHA Appraisals

January 7, 2012 FHA
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Who do you think owns this garage? They both do! So what does FHA say about this-NOTHING! At least not in any of their handbooks. However, there are going to be a couple of things any lender is going to look for. First, they’re going to want to make sure that there is a proper […]

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Excess vs Surplus Land & FHA Appraisals

January 3, 2012 FHA
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  Typically, everyone is under the impression that more is better when it comes to the size of their lot, and for the most part it is. However, when it comes to getting financing, whether for a sale or refinance, then that’s a different story, especially if it’s FHA. When doing an FHA appraisal for […]

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FHA Appraisals and Shared Driveways

December 21, 2011 FHA
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Something as simple as a shared driveway can turn-out to be a huge challenge. One of the things appraisers are required to check for when doing an FHA appraisal is for any adverse easements and/or encroachments. For this appraisal the subject property is situated on a site that was divided off from a relative, which […]

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Crawl Spaces and FHA Requirements

October 21, 2011 FHA
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FHA no longer mandates a set height requirement for crawl spaces. However, the appraiser does have to have access to the space for inspection. The picture to the right tends to be the typical crawl space, there is no water, bug infestation (spiders don’t count), or any wiring hazards. FHA also no longer requires a […]

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Well & Septic and FHA Property Appraisals

August 21, 2011 FHA
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There a couple of things that HUD looks for when you appraise homes with well and septic. First, you need to verify whether the property can be hooked up to the municipality’s public water and sewer system. If it can, but it would cost more than 3% of the sales price, then the existing on-site […]

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Smoke Detectors Does FHA Require Them?

July 21, 2011 FHA
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I was recently asked if smoke & CO detectors are required for FHA financing, and the short answer is “yes.” First, MN statute 299F.362 requires all homes to have a smoke alarm(s) installed in their home, as well as other types of dwellings. Second, MN statute 299F.50 requires that all homes have a carbon monoxide […]

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