If a county that opts out of the state's codes, and is therefore required to create their own codes, would that keep its citizens from obtaining an FHA loan (insurance)? Or would the decision of appraisal be up to the particular lender, rather than FHA? In other words does FHA have particular inspectors or codes that are required?
This question has been locked from accepting further answers.
Answer this question:
Please log in to submit an answer.
Best Expert Answer
The property would still be required to undergo an FHA appraisal by an FHA fee appraiser. According to HUD 4000.1, "The Appraiser must follow FHA guidance and comply with the Uniform Standards of Professional Appraisal Practice (USPAP) when completing appraisals of Property used as security for FHA-insured Mortgages."
Our blog is brought to you by the knowledgeable group of counselors at FHA.comVisit our website
Have a Specific Question?
Some of Our Experts
Can I remove MIP from my FHA if my home value goes up?What credit score is ideal when applying for a home mortgage loan?Can I use my VA loan eligibility to buy a home that includes 12 acres of land?I had a bankruptcy not long ago. If I want an FHA loan, how long do I have to wait before applying?What is the minimum down payment I can make for an FHA loan?Can I payoff my FHA loan without being penalized or charged for early payoff of the loan?How do I restore my VA loan eligibility?see more