![]() ![]() ![]() Thant being said the VA appraisal has an inspection element involved that we will go over. As one of the VA loan requirements a VA home appraisal is required however a home inspection is not. Ultimately, however, it is the appraiser’s job to report any observable or known deficiencies to the lender that were found at the time of the appraisers site visit to the home and determine any required repairs, require further inspections (foundation, roof, environmental, etc) or note any related issues.Here at National VA Loans we often get the question does the VA require a home inspection. This checklist is designed to help you understand FHA & VA appraisal MPR guidelines and repairs that may be considered an issue in the appraisal process. What are the costs of the repairs? Should any purchase offer consider a limit on the maximum repair costs? Will the buyer or seller be responsible for paying? By considering the totality of the repairs (whether minor or major), you can make a better educated and informed decision in contract negotiations. Are there some minor spots of chipped/peeling paint or will the removal of chipped/peeling and repainting include significant portions of the home (including any outbuildings, painted fences, etc)? Is there evidence of deterioration of the roofing material? You should objectively look at whether the roof needs replacement, is nearing the end of its useful life but may otherwise be acceptable or simply has a couple shingles out of place. For example: If you mark yes to ‘home built prior to 1978” and yes to “defective paint”, then you should consider the severity of the repair. When completing this checklist try to be as objective, complete and accurate as you can! If any of your responses are ‘Yes’ you should investigate further any potential needed repairs or possible ineligibility by FHA or VA. (Example 1: outdated carpeting would be considered a cosmetic issue that may affect market value, however, torn carpeting could be a trip (safety) hazard that would be considered a MPR and, therefore, require corrective action Example 2: heavily marked up painted walls would be considered cosmetic, while chipped & peeling paint in homes built prior to 1978 would be considered a MPR.) The appraiser is tasked with identifying the MPR related issues and providing necessary corrective/remediation actions. Cosmetic issues are not usually MPR repairs, but rather are condition factors that are addressed in the appraisal valuation. The information provided is based on HUD & VA handbooks, manuals & guidelines.īoth FHA and VA recognize that not every deficiency or maintenance issue is considered a MPR violation. ![]() As you investigate and walk through the home, you should think about the aforementioned FHA and VA goals.Īs every property is different, this checklist is NOT INTENDED TO BE A COMPLETE reference on every possible FHA or VA repair or issue. ![]() This checklist can be considered a tool in helping you understand possible FHA or VA related repairs or other issues that could present challenges in the appraisal process. Whether you are the seller, buyer, or the real estate agent, the more informed and educated you are in understanding the goals of FHA (safe, sound and secure) and VA (safe, sound and sanitary), the easier the FHA or VA appraisal process can be. Once you have found the home of your dreams, proceed through the negotiation process, and put monies toward an appraisal, earnest deposit and other inspections, the last thing you want to happen is to find out there are potentially deal killing issues or costly repairs that you were not aware of. Home buying can also be very emotional and the process is sometimes complicated (but does not need to be frustrating) when dealing with Minimum Property Requirements (MPRs) as a part of any FHA or VA appraisal. Making a good financial decision requires being as informed and educated as possible. For many people, it is the largest financial decision they may ever make. The home mortgage loan process can be a time-consuming undertaking. FHA & VA Repairs and Other Related Issues- A Checklist ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |