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Need Help on FHA 2055.

Discussion in 'FHA/HUD and VA' started by PAG91910, Oct 18, 2008.

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  1. PAG91910

    PAG91910 New Member

    0
    Oct 26, 2007
    Professional Status:
    Licensed Appraiser
    State:
    California
    Question:
    Is there any differences on report when completing FHA 2055 to a typical 2055???? The client sent me the 1st appraisal and there were some items needing repair.

    Also do I need a new case # ?
     
  2. BRCJR

    BRCJR Senior Member

    9
    Sep 20, 2005
    Professional Status:
    Licensed Appraiser
    State:
    Virginia
    Yes, you have to develop and report to FHA guidelines.

    Your question makes one wonder if you should be doing this assignment solo.

    If these items need verified as to their completion can you do this without an interior inspection?
     
  3. Daystar

    Daystar Member

    1
    Sep 7, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    fha 2055......no such thing.
     
  4. VegasWayne

    VegasWayne Senior Member

    12
    Nov 15, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Nevada
    The FHA guidelines don't mention this form. How can the FHA inspections guidelines be followed when all you have done is an exterior inspection from the street? I would do this as a typical 2055 assignment and I would not put an FHA case number on the report.
     
    Last edited: Oct 18, 2008
  5. Mark Heitzinger

    Mark Heitzinger New Member

    0
    Sep 4, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    The report does not require a case number; however, clearly identify the intended user and intended use. Address the repairs if you are aware of them; however, you were not supposed to be given a copy of the original 1004 --- you are the second appraisal for this program and you do the 2055. I believe the loan decision is based on the lower of the two reports. All of this info is available on the FHA/HUD websites.
     
  6. RSW

    RSW Elite Member

    25
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Mortgagee Letter 2008-09 does allow for the 2055 form. Here is a clip from the mortgagee Letter:

    What form must be used for the second appraisal? If the property is a one-unit detached house, the second appraisal may be an exterioronly
    appraisal using form Fannie Mae/Freddie Mac 2055
    ; any repair requirements noted in the original interior-exterior appraisal report must be adhered to if the second appraisal is an exterior-only appraisal. Condominium units including detached site-condominiums; manufactured housing; and 2-4 unit properties are not eligible for exterior-only second appraisals and must be completed on the appropriate appraisal form.

    You need to keep up on the mortgagee letters.
     
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