FHA has revised its requirements for existing homes
Attention Home Buyers:
FHA has revised its repair standards for appraisals of existing homes. They have shifted away from an emphasis on the repair of minor property deficiencies to focus on repairs that go beyond normal wear and tear, cosmetics and minor defects.
What this means for you as a buyer:
Faster approval time as long as other conditions (including safety) are met.
Less repairs and shorter settlement time with the seller
You will still be informed of cosmetic and minor defects on the prospective property through the appraisal process
More options for you as a buyer to shop for a home with FHA lending advantages
For a detailed list of the revisions and requirements for appraisalsclick here.
For more information about FHA loans and other mortgage options contact:
