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Kentucky FHA Appraisal Requirements For A Mortgage Loan Approval.
- Ordered through a third party source. Interested/vested parties may not initiate the appraisal. I.E> buyers, sellers, realtors, loan officer, family members
- Property must meet HUD’s minimum property standards. i.e.: permanent heat source, utilities must be on and in working order at time of inspection
- Flips < 90 days – not allowed Per HUD -If current owner owned less than 90 days FHA will not insure. Sometimes a second appraisal will be required by FHA investor if sold within the last 6 months for a large profit. Receipts of work done may be needed to substantiate increase in value of home in short-time period.
- Transferred appraisal – ok
- Appraisal valid 120 days – 30 day extension possible*
- Property eligibility – No location restrictions.
- New Construction Available
FHA MORTGAGE LOANS AND FLIPPING RULE FOR APPRAISALS
Resales Occurring 90 Days or Fewer after Acquisition:
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Kentucky First-Time Home Buyer Programs | USDA, FHA, VA & KHC Loans 