The FHA requires that the properties financed with its loan product meet minimum standards and mandates that the property be inspected. An appraiser is going to observe the property's condition in the course of the home inspection, and report the outcomes on the FHA's appraisal form. (Site appraisals are one of many requirements prospective buyers carry out prior to settling on a deal. For single-family detached residences, the evaluator is required to use a form called the Uniform Residential Appraisal Report. The form asks the appraiser to illustrate the essential elements of the building, such as number of stories, the year it was constructed, square footage, number of rooms and location. It also requires the appraiser to "describe the condition of the home (including needed repairs, wear and tear, renovations, remodeling, etc.)" and asks, "Are there any physical flaws or negative problems that affect the livability, reliability or structural integrity of the building?"
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