FHA, USDA and VA appraisal rules. FHA loans and other government loans, like USDA and VA, may require appraisals and repairs before approval can be granted. Priorities for appraisal and repairs include: Safety and health Structural soundness Protecting your property’s value You may need to make repairs before closing. Or, you might be able do them afterwards with an escrow holdback. Verify your new mortgage refinance rates. Government loans require appraisal repairs The pros and disadvantages of government loans Eligible borrowers have many options, including USDA , VA , and FHA home loans. They have low down payments and rates. These make it easier for people with poor credit and first-time buyers. However, the rules can be complicated. FHA appraisals require that the home be appraised and inspected in accordance with FHA standards. The government sets stricter standards for this person. This may lead to the appraisal identifying areas in need repairs. That’s not a bad...
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