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J Meyer Real Estate Services, Inc.
3.5(
3
)
Appraisal - Real Estate

Serving Fairmount, IN and surrounding areas

Approved

In business since 2000

Free estimates

Customers say: Quick response

With years in the industry as a Residential Appraiser and Residential Real Estate Broker, Jennifer Meyer of J. Meyer Real Estate Services, Inc. is the premier provider in Marion and surrounding areas of Indiana. We look forward to working with you. Give us a call today.

Response time1 day
Recommended by100%of homeowners
Property Appraiser questions, answered by experts

Both conventional loans and FHA loans are types of mortgages, but they have a few key differences. Conventional loans are backed by private lenders without any government backing, and FHA loans are guaranteed by a government agency. FHA loans are designed to be easier for borrowers with low credit scores or income to qualify for.

An FHA appraisal is valid for 180 days from the effective date of the report. In some cases, you can have the appraisal recertified if you make your request before the original expires so that you still may obtain an FHA loan. If approved, your appraisal update is valid for one year.

While there’s technically no limit to the dollar amount you can borrow for a home addition, the standard limit is around 80% of the value the addition is expected to add to your home. That means you could feasibly borrow up to $80,000 if an appraiser determines that the addition or bump out will add $100,000 in value to your property. You might also be limited by your debt-to-income ratio or credit score.

Some appraisers hold a Member of the Appraisal Institute designation. This accolade is the highest credential property appraisers can earn. An MAI appraisal is typically used for commercial properties.

While your lender will likely recommend an appraiser, you can also hire a professional home appraiser on your own. Choose someone who is experienced in your type of residential property, and ensure they hold all of the necessary credentials that your state or region requires.

Costs depend on the property size, audit complexity, and whether additional testing (e.g., blower door) is included.

The Fairmount, IN homeowners’ guide to property appraisals

From average costs to expert advice, get all the answers you need to get your job done.