In this course, you will learn about the unique steps involved in processing a FHA Appraisal and the minimum property standards (MPS) that every existing home financed by FHA must adhere to. This course provides real life examples of MPS problems and how a mortgage loan officer (MLO) can assist customers through a smoother road to closing.
Upon completion of this course you will be able to:
- Explain the FHA appraisal process and appraiser independence requirements
- Describe the MPS as required by FHA for existing construction
- Describe the types of repairs that may be required for FHA financing
- Explain the FHA requirements for repair inspections and repair escrow holdback