FHA Guidelines & Requirements 2

Question 1

Under FHA guidelines, what is the minimum required remaining economic life for a property to be eligible for an FHA-insured mortgage?

Accepted Answer

At least as long as the loan term

Answer

FHA requires the property's remaining economic life to be at least as long as the loan repayment period.

Question 2

When appraising a property with a wood-burning fireplace for FHA purposes, the appraiser must:

Accepted Answer

Note the fireplace but no inspection is required unless deficiencies are visible

Answer

FHA appraisers note fireplaces and recommend inspection only if visible deficiencies are observed.

Question 3

Which condition related to drainage would cause an FHA appraiser to flag a property as not meeting Minimum Property Requirements?

Accepted Answer

Standing water pooling against the foundation after rain

Answer

Standing water pooling against the foundation indicates inadequate drainage, which is an MPR deficiency.

Question 4

For FHA appraisals, how must an appraiser handle a property where the bedroom lacks a window to the exterior?

Accepted Answer

Cite it as an MPR deficiency because bedrooms must have egress windows

Answer

FHA MPRs require bedrooms to have at least one window to the exterior for light, ventilation, and egress.

Question 5

What is the FHA appraiser's responsibility regarding a property's roof condition?

Accepted Answer

Estimate the remaining useful life and flag if less than 2 years remain

Answer

FHA appraisers must estimate remaining roof life and require repair or replacement if less than 2 years of life remain.

(FHA) Federal Housing Administration Appraiser Certification Practice Test