If you are in the process of doing a refinance and are doing so with an FHA loan, here are some suggestions to save you money.
When appraising a home for an FHA loan, the appraiser must complete an FHA inspection. If the appraiser notes any items considered to be a health or safety issue by FHA, you will need to repair these items and have a 2nd inspection completed by
the appraiser to verify the items have been repaired/corrected. This 2nd inspection will cost you $100-$200.
To avoid this 2nd inspection and additional fees, here are some common items that will require the appraiser to have to make a 2nd visit to your home:
-Missing electrical outlets
-Water heater is not double strapped
-Missing CO/Smoke detectors
-Any chipped or peeling interior/exterior paint(on homes built prior to 1978)
-Hanging/loose electrical wires
-Heater or AC not working properly
-Hot water not working properly
-Attic/crawl space not accessible
-Security bars on bedroom windows with no safety release mechanism
-Be sure ALL rooms are accessible to the appraiser, including any outbuildings or bonus rooms
Making sure that all of these items are corrected before the appraiser visits your home will make it more likely that your home will pass the FHA appraisal inspection and will save you money, as the appraiser will not have to make a 2nd visit to your home.
Omni Appraisal Services has completed FHA appraisals throughout all of Southern California. If you have any questions on getting your home prepared for the FHA inspection, we offer free advice via phone: 310-697-3034 or email: