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The home we are trying to purchase is old, I'm sure there will be things that need fixed to pass but just looking to see what kinds of things others have experienced with usda appraisals?
When getting a USDA mortgage the property you are buying must meet HUD minimum property requirements of being safe, sound and secure. HUD hasn't published an easy to follow list, but a HUD approved appraiser in Sacramento put together a list of what he looks for at FHA Appraisal Requirements (.pdf) which are:
@Irish_ky1986 wrote:The home we are trying to purchase is old, I'm sure there will be things that need fixed to pass but just looking to see what kinds of things others have experienced with usda appraisals?
@Irish_ky1986 best wishes for your process. Hopefully your appraisal goes well with your home of choice. In my case I am just past the appraisal portion of my 502 direct loan that went off w/o a hitch. The appraisal was done 12/20/22 and my local USDA office told us it could take upwards of 3 weeks or so to receive the official appraisal report back. Luckily for me that timeline was not accurate as they received the completed report 12/27/22! I then got an email from the office telling me next steps were choosing a closing agent/office and getting a home insurance binder started. From what I can tell, my local USDA office has been ahead of the timeline on all things so far. All of this is new to me w/ USDA RD 502 Direct loan as well as being a first time home buyer so I understand your question on the process. All of it is out of this world confusing and hard to grasp. It is good that you are asking questions. There isn't much information on USDA loans in general. I mean, there is, but not like other programs. Keep us posted! Best wishes.