FHA Appraisal Requriements

Below is a list of the FHA appraisal requirements. I hope you find this helpful for your home buyers obtaining an FHA mortgage. This does not include everything, but does include what seems to be the most common problems. I hope that this may help to reduce the number of re-inspections thereby reducing overall fees to the customer.

1. Roof: Must have a minimum of 2 years remaining life. If the roof looks okay, the appraiser will assume it's serviceable and okay. However, if there are torn shingles or any obvious problems, i.e. apparent leaks, etc., the appraiser will call for an inspection.

2. Electrical: Exposed/naked wires are an obvious hazard and must be properly covered. Covered means switch plate covers, outlet covers, no naked wires hanging out of walls, electrical wire caps for splices must be contained in a junction box, etc.

3. No obvious signs of rotten wood, no obvious signs of wood-boring insects or other infestation, all exterior wood must have an all-weather covering (paint, siding, etc.).

4. Crawlspace: No standing water or excessive moisture, no debris since this invites infestation. Recommended minimum height of crawlspace is 18 inches.

5. All utilities must be on.

6. Plumbing: All fixtures should be present and functional. No leaks should be observed. Must have Hot Water.

7. HVAC must be functional.

8. Cooking source is required, i.e. Stove.

9. Windows must open. (On older houses, windows often get painted shut)

10. Carpets/Flooring/Walls should be in average condition overall with no major repairs needed.

Mortgage Rates! Great!

Rate Sheet
Raymond Duncan @ Bank of America Home Loans4122 Clemson Blvd. Anderson SC 29621
Rates below are closest to 1 point, and other point options are available. Rates can vary depending on down payment amounts and credit scores.
FHA Mortgages up to 96.5% Financing (No minimum credit score required)
15 year fixed 4.375% 0.5 point
30 year fixed 4.8755% 0.75 points
3/1 ARM 3.750% 0.875 points
VA Mortgages up to 100% Financing ( No minimum credit score required)
15 year fixed 4.375% 0.75 points
30 year fixed 4.875% 1.0 point
Conventional Mortgages up to 95% Financing
15 year fixed 4.25% 0.625 points
30 year fixed 4.875% 0.75 point
3/1 3.875% 0.75 point
*****Rates quoted above are based on a $150,000.00 purchase price and credit score of 720*********Private Mortgage insurance may apply***********Escrowing of taxes and insurance is required if LTV is over 80%******
Jumbo Mortgages up to 80% financing
15 year fixed 5.25% 0.625 points
30 year fixed 5.375% 1.0 points
*****Rates quoted above are based on $695,000.00 purchase price and credit score of 720**********Rates quoted with escrows of taxes and insurance*****
Jumbo Loans up to $3,000,000.00
15 year fixed 5.375% 0.375 points
30 year fixed 5.625% 0.875 point
Used purchase price of 4,275,000.00 with loan amount of $2,992,500.00 and 720 credit score…
Products, rates, and terms are subject to change without notice. Bank of America Home Loans is an equal housing lender.

Ahhhhhh......Lake Hartwell

Imagine relaxing on a boat anchored in a quiet cove.....The boat is rocking gently with the wakes from the boats passing by.....The sun is getting ready to set......You're anticipating the succulent steak cooking on the grill as you dive in the lake for a quick swim. These are reasons that I think I'm the luckiest person alive! This scenario can take place several times a week if you live on Lake Hartwell and I'm lucky enough to say I do!

Happy Weekend!

Hello All! The weekend is here and it's time to RELAX! I will be going for a boat ride on Lake Hartwell & definitely for a swim! The lake level is a perfect 3.5 feet below full pool....Perfect for bridge clearance for our boats. Make sure you keep up with the Captain's Blog: http://LakeHartwellBoatTours.blogspot.com & also visit The Captain's Website: http://LakeHartwellBoatTours.com NOW is the perfect time to BUY Lakefront property on Lake Hartwell, Keowee and/or Secession. There are a lot of Lake Homes to choose from in all prices ranges & prices have come down. Visit: http://Hartwell-Keowee.com for all of your Lakefront real estate needs as well as lots of area information!

Lake Hartwell Boat Tours

Hello Everyone! I just wanted to make sure everyone knew that the domain name was changed yesterday for the Lake Hartwell Boat Tour Business. It is now: http://LakeHartwellBoatTours.com
The Captain's Blog associated with this site is: http://LakeHartwellBoatTours.blogspot.com
Captain Gary had a great tour yesterday with a family from Clemson. "Bird Island" on the Seneca River was a huge hit! Have a great day & remember to visit Captain Gary on the web or give him a call Toll Free: 866.303.8181 to set up your Lake Hartwell Boat Tour!

New Blog: Captain's Blog

Hi Everyone! Check out this great new BLOG! http://lakehartwellboattours.blogspot.com/

Current Rates as of 7/8/2009. Yes....Banks are still lending money!

105.00%: Refinance with NO PMI. Rate/Term on the first mortgage only-Must be Fannie Mae or Freddie Mac currently invested loan-Clients who are not currently paying PMI-No Seasoning- Conforming Loans, and Super Conforming MSAs-2nd mortgage to be subordinated-0x30 late payment in last 12 months. No minimum credit score if payment isn’t increasing over 20%. Debt to income is unlimited if payment isn’t increasing over 20%. This program is designed for almost all current house payments to be decreased. Restrictions apply, so please call 1.800.987.9605 for assistance.

100.00%: VA Loan, no PMI. Max loan amount $417,000.00.
Purchase and Refinance VA to VA loans. Seller may pay up to 4% of
closing costs.

97.75%: FHA Refinance: Rate/Term

96.50%: FHA Purchase Loans, see notes below. Max loan amts.
per county. Seller may pay up to 6% closing costs.

95%: 30yr, 20, and 15 year fixed rate notes.

90%: VA cash out refinance.

85%: Equity Lines on a primary residence…FHA Cash out.

80%: Investment loans.

We now offer financing for up to 4 homes with loan amounts not to exceed $3,000,000.00 per home. These are only a few tips that may help in this tough real estate market that we are seeing.
Raymond Duncan: Cell 1.800.987.9605 or raymond.duncan@bankofamerica.com

Product and programs are subject to change without notice… Equal housing lender…