FHA Appraiser

Burton & Company completes many FHA Appraisals in the Sacramento Area.  Scott Burton has been FHA approved for 15 years.  We have four FHA approved appraisers on our staff. 

FHA Loans are becoming more prevalent due to the recent subprime market meltdown.  FHA Mortgages allow higher LTV's and have less stringent underwriting requirements as compared to many conventional mortgages. 

Typically FHA appraisals are used for:

Reverse Mortgages

Purchase Transactions

Refinance Transactions

203k Rehab Loans

FHA Secure

Very recently we have been doing FHA appraisals for FHA Secure loans. FHA Secure is a refinance program that provides homeowners conventional adjustable rate mortgages the chance to refinance into an FHA insured loan.  The borrower can be delinquent or current with payments and reset status is not considered.  With FHA Secure, the lender will not automatically decline if you are delinquent on your loan. Also, the lender can offer you a 2nd mortgage to bridge the difference between the value of your property and what you owe.

Resources for FHA Secure

FHA Secure Probably the best, most comprehensive introduction to the program. Check the FAQ section near the bottom of the page.

Helping Homeowners Keep Their Homes Another HUD site with tips to avoid foreclosure, press releases from the White House.  Most links go to the FHA Secure site above.

FHA Required Repairs

Recently there has been a reduction of property requirements, resulting in less FHA required repairs than in the past.  We are fully aware of this and only require repairs that meet current FHA guidelines.  Some typical repairs that HUD does require are:

Chipping paint for homes built prior to 1978 (may contain lead).  We most often find this on fascia boards, & window trim, especially on the south & west sides of structures.

Any roof damage/leaks.

Active termite damage or soft structural wood.

Empty pools that need to be filled in. This is a safety hazard.  Per HUD, the pool has to be filled in with water and the filter system to be working.  A working heater is not required.  Also, check for self closing/latching side gates (or pool fence) to prevent unsupervised children from drowning risk.

Broken windows (not minor cracks) that are a safety hazard. 

Any other items that risk the safety of the occupants or the security, marketability of the structure.

Missing water heater earthquake safety straps.

Utilities are not turned on.  This has been a big issue with the recent REO inventory homes.  We are required to test all mechanical equipment (heater, ac, hot water, appliances) prior to close of escrow.

Typically cosmetic repairs are not required (worn flooring, carpet). 

A working stove is not required.

Not sure if a particular repair may be required?  Please contact us to discuss prior to any inspection.

FHA/HUD Resources

FHA Appraisal property requirements

FHA FAQ  Answers to 200+ Frequently Asked Questions.  Great resource.

FHA Appraiser home page Resource for FHA approved appraisers.  Links to training, & appraiser roster status.  Good source for finding the license number for an approved FHA appraiser.  This is needed for the FHA case number.

FHA Single Family Housing Main Page

FHA.Gov

Order an FHA Appraisal or Order by Fax.

Not sure if you are going Conventional or FHA? Please note on the order form if there is a chance that the loan may go FHA.  We will complete the inspection as if it is FHA and can then modify the report to conform to FHA guidelines with no additional inspections or fees.

Please fax or email the FHA Case number, you can order it under Scott Burton AR009446.  We need the FHA Case Number and the purchase contract (as applicable) to before we can complete the appraisal.