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  #1  
Old 03-18-2007, 03:00 PM
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Default FHA Appraisal Vs. Conventional Appraisal?

At this point, what is the difference between a standard conventional appraisal and a FHA appraisal?
The only difference i can see is a case number and the inspection itself.
I had a lender ask for two samples of both?

Thanks all!
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  #2  
Old 03-18-2007, 05:51 PM
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There are some specific guidelines for filling out the 1004 for FHA. Requirement for remaining economic life versus no requirement for site value and other minor differences; however, it is possible to make your appraisals fit both FHA and fannie/freddie guidelines as a regular procedure without too much trouble. Then, the case number, inspection and specific requirements for handling repair issues are the only basic differences. My additional fee for FHA is less than 20% extra.
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  #3  
Old 03-18-2007, 06:58 PM
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You need an environmental compliance addendum.Repair issues would be MPR items.
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Old 03-18-2007, 07:04 PM
xmrdfghap xmrdfghap is offline
 
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Minimal diferences any more. Read the handbook 4150.2 for specifics.
  #5  
Old 03-19-2007, 05:32 PM
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George W Dodd George W Dodd is offline
 
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Quote:
Originally Posted by Greg Bell View Post
You need an environmental compliance addendum.Repair issues would be MPR items.

Greg,

The appraiser no longer requires repairs on FHA appraisals; the appraiser lists all noted items and then it is up to the DU UW to require repairs.
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Old 03-19-2007, 06:23 PM
Brad Pack Brad Pack is offline
 
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Quote:
Originally Posted by George W Dodd View Post
Greg,

The appraiser no longer requires repairs on FHA appraisals; the appraiser lists all noted items and then it is up to the DU UW to require repairs.
WRONG!!!!!
  #7  
Old 03-19-2007, 06:31 PM
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Brad, I was about to post the same thing, also GP's advice is a few years behind. Given the fact that FHA is likely to see an unprecedented demand given the current issues in the sub prime market etc, any chance that FHA/HUD, is going to update/consolidate ALL of the requirements? There are conflicts in interpretations between 4150.2 and the more recent Mortgagee letters 2005-34 and 48. All of us on the front lines would really appreciate one stop shopping. The HOCs are even unsure of how some of the stuff meshes. Any help on the horizon? And please no more band-aid letters, can we expect a replacement/consolidation for 4150.2 and the Mortgagee letters?
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Old 03-19-2007, 09:10 PM
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MPR Items are still required.Any unsafe items noted at the time of inspection.
  #9  
Old 03-19-2007, 09:29 PM
Jack D. Pratt Jack D. Pratt is offline
 
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This is a good forum for me to read right now. I hope more elaborate! I am not approved FHA yet, but think I will be soon (as many have the opportunity to be right now). I've been doing a lot of reading and I am really confused as to what the difference is. I lost my mentor to cancer and I've been checking his reports...I really don't see much difference here. I ask myself....Is this just another standard appraisal OR, was I trained to make the 2 forms be as 1? I am learning a lot about rules and regulations and I am here to tell you....this stuff can get a bit overwhelming. I want to be "by the book" so therefore I could use suggestions as to the differences between the two. Any links (of course other than FHA ) or suggestions would be greatly appreciated here. Thanks.
  #10  
Old 03-20-2007, 08:12 AM
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by the looks of things, i am not the only one who has questions about the FHA appraisals, responsibilities and procedures! But wait..FEDERAL housing Administration.. Government Agency..need i say more!
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