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How Convetional, FHA and VA appraisals are different
November 14th, 2018 4:31 PM
A common questions I receive is the difference between VA, FHA and conventional appraisals. 

Most conventional appraisals will be completed "as is". This does not mean every house will qualify for conventional  financing. Many lenders have minimum requirements that a property must meet.  If a house is in poor condition or undergoing renovations a lender may require repairs or the renovations to be competed.

FHA loans have the highest level of property requirements. They are often referred to minimum property standards (MPS). FHA also refers to the 3 S's Safety, Security and Soundness. While there are many items I am looking for, the most common FHA repairs I see are peeling paint on homes built before 1978, stairs without handrails and missing electrical outlet covers.

VA appraisal requirements are somewhere between conventional (lowest requirements) and FHA ( most requirements).

   

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Posted by Christopher Caccamo on November 14th, 2018 4:31 PMPost a Comment

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