The FHA appraisal has been a part of the loan process since 1935, and is used by the FHA and other lenders to help determine the value of a property. In 2017, the FHA appraisal fees have risen significantly.
The FHA appraisal fee for a single family home is now $500. This is a 20 percent increase from $425 in 2016. The fee for condominiums has also increased, from $400 to $475. Additional fees are also charged for certain services, such as a survey or for health and safety inspections. These fees will vary depending on the lender and the state in which the home is located.
In order to provide an accurate appraisal of a property, the appraiser must visit the home and take photographs. They also must inspect the inside of the property, including all mechanical systems. In addition, they need to survey the surrounding neighborhood and compare it with other homes in the area.
The FHA appraisal fees are an important cost to consider when looking into purchasing a home. The fees have risen, from $425 for single family homes and $400 for condominiums in 2016 to $500 and $475, respectively, in 2017. Additional fees may also be charged for certain services, such as a survey or health and safety inspection, which will vary depending on the lender and the state in which the home is located. The appraiser must visit the home and take photographs, inspect the interior of the property, and survey the neighborhood in order to provide an accurate appraisal of the property's value. This information is then used to determine whether the loan should be approved.
The appraisal fees can seem like an additional burden to the homebuyer, but they are essential to the loan process. Appraisals provide lenders with an accurate assessment of the property's value, which helps protect them from lending money on a property that is overvalued. It also helps protect buyers so they do not purchase a property that is worth less than what they are paying for it. By taking the time to understand the FHA appraisal fees and process, homebuyers can better prepare themselves for this part of the loan process and make sure they are getting the best deal possible.
This article was contributed on Aug 03, 2023