Differences Between FHA and Conventional Appraisals
Conventional appraisals are based on the actual home value, this can be determined by either the comparable sales method, the income method, or the cost method. FHA appraisals consider the above and also confirm whether the house under appraisal meets the minimum standard of living requirement set by the department of Housing and Urban Development (HUD). Regarding FHA appraisals, the property should be in good condition with no bad repairs. There should be an appliance in a spot if there is a built in place for it. The home cannot have any broken windows, broken stairs, and/or holes in the ceilings or walls.