Nationwide Mortgage & Realty, LLC
Tel: 844-953-0100 Email: info@nationwidemtg.net
Friday, March 24, 2023

Nationwide Mortgage & Realty, LLC

Fast Quote
  • Home
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Mortgage
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo Loans
    • New Construction
    • Non-QM Loans
    • USDA Loans
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL (Streamline)
  • Loan Process
    • Application Checklist
    • Credit Repair
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
  • Request Information
    • Apply Now
No Result
View All Result
Contact Info | Request Info
Home Appraisal

Conventional Loan Appraisal Requirements | Appraisal Guidelines

byNicholas Auriemma, NMLS# 1455001
4 years ago
inAppraisal, Conventional Loan
Conventional Loan Appraisal Requirements Appraisal Guidelines

Conventional Loan Appraisal Requirements | Appraisal Guidelines

Looking to see if a property meets conventional loan appraisal requirements? Conventional loan roof requirements seem to be the most common issues when it comes to appraisals. Going over a conventional loan appraisal checklist can be cost effective to prevent any extra fees associated with an appraisal.

Appraisal Guidelines – Condition and Quality

Your property will receive an overall condition and quality rating that is selected by an appraiser that best reflects the property as a whole and its entirety. The rating is selected on its own merits and not on how other properties compare. The property must meet condition requirements for the loan program. A conventional loan appraisal will receive a rating between C1 through C6.

Deficiencies Cannot Affect the Following:

  • Safety
  • Soundness
  • Structural integrity of the property

Properties that are based on an “as is” condition and do not have these deficiencies are eligible for financing. When a property is “subject to,” usually there are deficiencies that make the property ineligible for financing. “Subject to” requires completion of the items, a re-inspection, and the appraiser to clear the deficiencies on the appraisal.

Conventional Loan Appraisal Checklist

Wood-boring insects (termites), dampness, and abnormal settlement can affect the marketability off the property.

Additions that do not have a required permit require the appraiser to comment on the work and assess the impact of the market value.

An appraiser can mark an appraisal “subject to” when they are not an expert in a field and they are not qualified to decide if the property is in need of immediate repair. Examples of adverse conditions include:

  • Mold
  • Active roof leak
  • Curled or cupped roof shingles
  • Inadequate electrical service or pluming fixture
  • Settlement of a foundation issues
  • Environmental hazards
  • Water seepage
  • Other factors

The appraisal will be appraised “subject to” an inspection by a qualified professional.

Other deficiencies that affect the safety, soundness, or structural integrity of the property can cause a conventional loan appraisal to be “subject to”.

Conventional Loan Roof Requirements

In some cases, if an appraiser notes that there is an active roof leak, curled or cupped shingles, the appraisal will require a qualified professional to inspect the roof. The qualified professional will comment on the overall quality and it would be subject to review to meet conventional loan roof requirements.

ShareTweetShare
Previous Post

FHA Minimum Property Requirements | FHA Appraisal Guidelines

Next Post

Doctor Mortgage Loan | Physician Mortgage Loans

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

Related Posts

Non-Permanent Resident Alien Mortgage Options Vs Permanent Resident

Non-Permanent Resident Alien Mortgage Options Vs Permanent Resident

January 27, 2022
Appraisal Wavier for Conventional Loans

Appraisal Wavier Requirements for Conventional Loans | No Appraisal

February 4, 2021

Categories

Get Pre-Approved

Start by applying to get pre-approved today.

Recent Posts

No Income Investment DSCR Cash Out Refinance

15 to 30 Year VA Cash Out Loan Up To 100% LTV

Cash Out Condotel Refinance Loan, Rate & Term, & Purchase

3 Month Bank Statement Mortgage for Self-Employed Borrowers

Is there Still a No Doc Mortgage in 2022?

Low Down Payment Jumbo Loans with No Mortgage Insurance

Request Information | Apply Now

Corporate Address:
1 TransAm Plaza Drive Suite 300
Oakbrook Terrace, IL 60181
Phone: (844) 953-0100
Fax: (630) 953-0101
Email: Info@nationwidemtg.net

Copyright 2021 © Nationwide Mortgage & Realty, LLC
Company NMLS Unique Identifier #276777.
For licensing information, go to:
www.nmlsconsumeraccess.org.
Privacy Policy | Terms of Use

Equal Housing Lender

Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: CA, FL, IN, TN, VA, WI and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857

  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
No Result
View All Result

Request Information | Apply Now
Phone
: (844) 953-0100
Email:
info@nationwidemtg.net
Nationwide Mortgage & Realty, LLC
​1 TransAm Plaza Drive Suite 300
​Oakbrook Terrace, IL 60181
NMLS # 276777
Privacy Policy

Call Now Button