At MortgageDepot, we strive to keep our clients informed about the latest guidelines and programs that can impact their home financing journey. Today, we’re diving into some crucial FHA appraisal requirements and highlighting some of our popular niche programs.
FHA Appraisal Requirements: Environmental Hazards and Water Supply
When it comes to FHA loans, the appraisal process includes specific requirements to ensure the safety and habitability of the property. One critical aspect of this process is the measurement of distances between the subject property and certain environmental hazards, as well as the water supply. If these distances fall below the FHA-required minimums, the property may be deemed ineligible for financing. Here’s a quick rundown of these requirements:
- Gas Station: The property must be at least 300 feet away from any gas station.
- Gas Lines: There should be a minimum distance of 10 feet from gas lines.
- Property Line: The property line must be at least 10 feet away.
- Septic Tank: A minimum distance of 50 feet is required from the septic tank.
- Septic Drain Field: The property should be at least 100 feet away from the septic drain field, although this can be reduced to 75 feet if allowed by the local authority.
These measurements are crucial for ensuring that the property meets FHA standards and is safe for occupancy. The appraiser will carefully inspect and measure these distances as part of their evaluation.
Our Popular Niche Programs
In addition to understanding FHA appraisal requirements, it’s also important to be aware of the various niche programs available that can cater to unique financial situations. We offer a range of specialized programs designed to meet diverse needs:
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- DSCR Including No Ratio: Debt Service Coverage Ratio (DSCR) loans are ideal for real estate investors. The No Ratio option allows for more flexibility by not requiring a specific DSCR.
- Bank Statements: This program is perfect for self-employed borrowers who may not have traditional income documentation. It allows the use of bank statements to verify income.
- Jumbo: A jumbo loan program that offers competitive rates and terms for high-value properties.
- VOE Only: Verification of Employment (VOE) Only loans streamline the approval process by focusing solely on employment verification.
- No Fico Score/No Credit: This program is designed for borrowers with no credit history or FICO score, providing an opportunity for homeownership without traditional credit requirements.
- Stand Alone Seconds: These loans are available for all occupancy types and can be used for various purposes, such as home improvements or debt consolidation.
At MortgageDepot, we are committed to helping you navigate the complexities of home financing. Whether you’re dealing with FHA appraisal requirements or exploring niche loan programs, our team is here to provide the guidance and support you need. Contact us today to learn more about how we can assist you in achieving your homeownership goals.