Buying a house is both an exciting and somewhat intense process. Here at Two Rivers Mortgage Company, it's always our goal to make it as easy as possible for you.
A lot of our first-time home buyers are qualifying for FHA loans. That's wonderful because that means you'll have a low down payment and a low interest rate.
After you have found the house that you want to purchase, an appraisal will be ordered. An appraisal is simply an evaluation of the house to determine what the house is worth. However, with FHA appraisals, there are a couple of things to consider. If the house you are looking at has any of the following, tell your Realtor that you want the seller to fix them.
- Peeling Paint
- Exposed Wires
- Make Sure there are Hand Rails on Stairs
- GFI/GFCI Outlets Have to be Installed Near Water Sources
- No Obvious Signs of a Leaking Roof
- No Standing Water in the Basement
If any of these are evident to the appraiser, it will cause your FHA mortgage application to be delayed. The appraiser will require the seller to correct these items.before they sign off on the appraisal. The appraiser will then have to have a second appointment to inspect the completion of these items and there will be an additional cost to the appraisal.
It's just best if these things are addressed ahead of time. It will make the process go smoother and will be less stressful for everyone involved. So just keep an eye out for those things and communicate with your Realtor along the way and they'll help you find the right house.