Quick Reminder: For most FHA transactions, FHA Monthly MI is now 1.25%, and FHA Up Front MI is now 1.75%.
We recently had an appraiser call for “health and safety” repairs that easily could have been avoided. The cause was an old, outside stairway with “caution tape” over one of the stairs. The issue could have been avoided if a bad stair was fixed and the caution tape was removed prior to inspection.
But now we have to do major repairs and have the property re-inspected.
Appraisers frequently call out minor repairs, especially those involving “health and safety issues”. Things to watch for are exposed electrical wiring, torn or protruding flooring (especially on stairs), broken stairs, missing Carbon Monoxide detectors, 2nd story exits leading to nowhere (need to be sealed), and unhindered access to a pool area (need fencing or an alarm door leading from the house).
For FHA appraisals, please also make sure the power is turned on, the appliances work, and the water heater is securely strapped.
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646