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Old 06-27-2009, 07:25 AM
 
1 posts, read 20,268 times
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Default USDA Rural Housing Loan Appraisal -- need to be an FHA Appraisal???

Hello,

I have a USDA Rural Housing Development loan. I have not yet had the appraisal. My understanding is that there is one appraisal for USDA--which isn't as strict as FHA-- and one for FHA. Yesterday, I was told by my mortgage lendor that the USDA now requires a FHA appraisal. Do anyone know anything about this?? I know that I am going to have a tough time passing the FHA appraisal which is part of the reason that I went with the USDA loan.

Also, if I do not pass the FHA appraisal, is it okay for me as the buyer to fix things like the chipping paint if I don't own the house?

Thank you for any help that you can give me!
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Old 06-27-2009, 08:54 AM
 
Location: OK
2,482 posts, read 3,857,048 times
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USDA requires, and has for quite a while now, that their appraisals meet FHA guidelines. And their appraisers must be on the FHA approved list.

This is not because they sell their loans, but they want the properties to meet the same health, safety and condition guidelines as FHA does.

Why 2 appraisals had to be done is beyond me. Perhaps your loan officer did not know these requirements? Or perhaps you were going conventional and then switched to USDA? With a little luck the appraiser IS FHA approved and can provide a new report without much trouble.

Of course you can make some improvements as the buyer, but I would advise against that. What if the deal falls through?

Exactly what is wrong with it that it won't pass FHA guidelines? How old is the house?
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Old 06-29-2009, 02:45 PM
 
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Yeah, the old Cosmetic Paint Chipping thing. God I hate that!

Knock it out, the faster it gets done, the faster the appraiser can take pics and get you done.
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Old 07-01-2009, 04:08 PM
 
Location: In the woods
3,236 posts, read 4,674,973 times
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Quote:
Originally Posted by Deeruno View Post
Also, if I do not pass the FHA appraisal, is it okay for me as the buyer to fix things like the chipping paint if I don't own the house?
You cannot fix things like chipping paint if you do NOT own the house. It isn't your property. I am not an expert on FHA appraisal requirements but I do know that a house with chipped paint will not be approved for a loan. The chipped paint, as well as other deficiencies, should be listed on your Repairs Addendum that will be submitted to the Seller. If the Seller, understanding that you have an FHA loan, will not remedy this, then you have a problem. The Seller should fix this anyway if they want to complete the sale.

In addition, the paint on a house will be subject to Lead Paint Inspections, meaning that any house built before 1974 could contain lead paint. If so, a Seller needs to remedy this also.

Your real estate agent should be able to inform you on all this. They work closely with your Lender.
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Old 07-02-2009, 01:17 AM
 
Location: OK
2,482 posts, read 3,857,048 times
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Quote:
Originally Posted by Pfhtex View Post
Yeah, the old Cosmetic Paint Chipping thing. God I hate that!

Knock it out, the faster it gets done, the faster the appraiser can take pics and get you done.
Not cosmetic. The peeling paint is only a problem if the house was built prior to 1978 because it could still have lead paint.
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Old 09-22-2009, 06:34 PM
 
2 posts, read 38,415 times
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my mom has a usda rural development loan too and an appraisal was done today and there was an issue with some of the windows not being double pain windows. does anyone know if this will cause a problem with usda approval?
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Old 09-22-2009, 06:35 PM
 
2 posts, read 38,415 times
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Default usda approval

my mom has a usda rural development loan too and an appraisal was done today and there was an issue with some of the windows not being double pain windows. does anyone know if this will cause a problem with usda approval?
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Old 09-23-2009, 01:20 PM
 
Location: Laguna Niguel, CA
768 posts, read 2,577,114 times
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The only thing I can find in USDA's guidelines regarding windows is:

Windows. The windows are functional and adequate and are energy
efficient. There is no broken or cracked glazing, or loss of glazing compound,
and all windows are lockable. Bedroom windows meet egress requirements.


So while it doesn't say they need to be double paned, the energy efficiency might be called into question.
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Old 11-16-2010, 04:55 PM
 
35 posts, read 51,976 times
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Smile usda appraisers

hi
who and where recorded the original approval for appraisal
if this can be clear ?you ill know if this is nt going on your record--otherwise its fraud-

can any one give the information to the usual starting point
and signature for ??
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Old 11-30-2010, 01:15 AM
 
Location: Laguna Niguel, CA
768 posts, read 2,577,114 times
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ravenfeathers I'd love to help answer your question but I've read it several times and I just can't make sense of it. Could you rephrase it?
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