Does This Acworth Home For Sale Qualify for FHA Financing?

Posted by Louise Scoggins on Tuesday, December 4th, 2012 at 2:57pm.

Acworth Homes for Sale, Acworth Real EstateIf you have been eyeing an Acworth homes for sale and are wondering if you can find out if this home or if a few different homes would be approved for FHA financing, then there are a few things that you need to know first. Primarily, you need to have a basic understanding of the FHA appraisal process. Before you can find out if an Acworth home for sale or any home for that matter qualifies for FHA financing, it needs to have a professional FHA appraisal done on it.

The FHA appraisal process is much different than the conventional loan appraisal so you will need to be prepared for a slightly different approach when you get this approval done for a property. These appraisers will look beyond what the average appraiser does to above, all things, make sure that this Acworth home for sale is livable. These appraisers will be looking for things like broken screens and damaged windows, and especially in the state of Georgia, signs of pest infestations. These are things that may not impact a normal appraisal but will be extremely important to the FHA appraisal.

Things like signs of peeling paint, roof issues, furnace problems and the functioning of all of the utilities during their inspection. They will also check for issues with mold or asbestos as well as evidence of termites in the wood of the home. The FHA appraisal guidelines are very detailed. Typically big issues like this will be required to be handled before or after the closing with FHA financing. However, if it turns out this FHA appraised Acworth home just needs new paint and professionally cleaned carpets, the work is usually not mandatory in order to close on the property.

If you are considering FHA financing before you buy then take the time to read up on the FHA appraisal guidelines to get a better idea of what to expect during this inspection process.

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