Learning center
Property Condition
FHA and VA minimum property standards and appraisal condition checklists.
Overview
Government loans require the property itself to qualify, not just the borrower. Peeling paint on a pre-1978 home, an inoperable well or septic, exposed wiring, missing handrails or a roof at the end of its life can all stop a file. These checklists list the conditions appraisers call out most often, so buyers, sellers and agents can fix them before the appraisal instead of renegotiating after it.
Who this is for: Buyers, sellers and agents on FHA, VA or USDA transactions.
What you'll learn
- •FHA minimum property standards and the most common appraiser call-outs
- •VA minimum property requirements, including well, septic and access rules
- •Rural specifics: shared roads, water systems and outbuildings
- •How repair escrows and re-inspections work when something fails
3 guides in this topic
Property ConditionFHA Minimum Property Standards and Inspection Requirements
When utilizing an FHA loan, lending rules require an appraisal conducted by an FHA-approved appraiser for the standard sales transaction. This appraisal serves two purposes: firstly, to…
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Property ConditionVA Existing Property Condition Screening Checklist
The presence of any of these conditions below are required to be corrected to meet a property's MPR (minimum property requirements). Most often it is a VA appraiser who will determine if a…
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Property ConditionWell & Septic Inspections — What Do Lenders Require?
Before we work through what you need to know about loan requirements for a septic inspection, it will be essential to have at least a basic understanding of what a septic system is and how…
Read the guide →Get a straight answer today
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