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  #1  
Old 04-19-2010, 03:51 PM
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Default Minimum Standards Verbiage

A lender is requesting the following:

The lender is wanting this exact verbiage "the subject property meets minimum property standards for existing dwellings as outlined in HUD Handbooks 4150.2 & 4905.1". Please have the appraiser add this exact wording. thank you.

I have a "meets or exceeds minimal FHA/HUD property standard" verbiage in my report. Is the lender going a little overboard on this? I cannot find the usage of this verbiage in the manual, unless I am overlooking this!
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Old 04-19-2010, 04:00 PM
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I have had this request a few times and I finally just made it standard. I also note this exact verbage in USDA loans too. Unfortunately, when there are repairs, I always seem to get the email asking why I forgot to put in the statement. I try to explain that it doesn't meet those standards, but when the repairs are done, I will make note of it in the final. It's sad that they don't even seem to know what they are demanding.
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Old 04-19-2010, 04:09 PM
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Is the subject property new or proposed construction?
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Old 04-19-2010, 04:54 PM
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Greg it is an existing dwelling.
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Old 04-19-2010, 04:56 PM
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The the verbiage would be "minimum property REQUIREMENTS." Not standards. I'd also leave out the "or exceeds" in the statement. Why expose yourself to additional scrutiny?
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Old 04-19-2010, 05:05 PM
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Good idea, anyone else have a thought or would like to share their statement?
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Old 04-19-2010, 05:07 PM
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Existing is MPR minimum property requirements
New is MPS minimum property standards.
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Old 04-19-2010, 05:11 PM
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The subject property currenly meets HUD/FHAs minimium property requirements or standards or will meet HUD/FHAs minimium property requirements or standards after the listed repairs are completed.
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Old 04-19-2010, 05:15 PM
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Quote:
The subject property currenly meets HUD/FHAs minimium property requirements or standards or will meet HUD/FHAs minimium property requirements or standards after the listed repairs are completed.
Chose one or the other. If it's new or proposed choose Standards. If it's existing (more than 12 months) choose Requirements.

They're not the same. So appraiser's should be looking at different handbooks depending on the improvements.
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Old 04-19-2010, 06:24 PM
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Quote:
Originally Posted by Happy Val View Post
I have had this request a few times and I finally just made it standard. I also note this exact verbage in USDA loans too. Unfortunately, when there are repairs, I always seem to get the email asking why I forgot to put in the statement. I try to explain that it doesn't meet those standards, but when the repairs are done, I will make note of it in the final. It's sad that they don't even seem to know what they are demanding.
Hey Val, after you list the required repairs in your report, try inserting a line similar to this afterwards:

"Upon completion of the stated repairs, the subject will conform with minimum HUD/FHA property requirements."

Should keep those absent minded underwriters off your back.
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