Jumbo Reverse Mortgage order, not FHA, but they want me to to do an FHA level inspection and refer to the 4000.1 in the report. Is that ok?

[TMG]

I have no problem doing and FHA type inspection, but its not an FHA order, and there is not an FHA case number.

They want me to put in the report if subject meets min 4000.1 standards.

 

[RSW]

I don't see a problem with it. Just don't identify the FHA as an intended user and comment in the addendum the lender has requested the appraisal being completed in compliance with the 4000.1 handbook.

 

[Mark K]

They set the guidelines, you set the fee.

I don't see a problem.

 

[spittman]

Client specific guideline. They want you to go above and beyond what you would normally do for conventional inspections. Nothing wrong with that. Charge accordingly.

 

[Tom D]

who does conventional jumbo reverse? i did FHA reverse appraisals for several years, never heard non FHA reverse. maybe more there then just a standard conventional because it's a jumbo reverse.

 

[spittman]

who does conventional jumbo reverse? i did FHA reverse appraisals for several years, never heard non FHA reverse. maybe more there then just a standard conventional because it's a jumbo reverse.

Same here. FHA has a limit. I'm assuming the amount is above that limit for jumbo loan. I have gotten the same request every now and again for an assignment with no FHA case #, but it was not for a jumbo loan. What I meant was that the client wants OP to go above and beyond what he/she would do on a "non-FHA" inspection which typically would be for a conventional loan.

 

[Tim The Enchanter]

I have seen a number of requests like this. Reverse jumbo, inspection to FHA standards.
Always a big house in a high dollar area.
I think I have bid on a few, deleted a few, and am sure I have not done any.
Not in a hurry to do FHA standard inspection on a large house either.
With my luck they have 2 attics, and 1.5 basements, an ADU, tennis court, pool, and a brothel.

 

[TMG]

I have seen a number of requests like this. Reverse jumbo, inspection to FHA standards.
Always a big house in a high dollar area.
I think I have bid on a few, deleted a few, and am sure I have not done any.
Not in a hurry to do FHA standard inspection on a large house either.
With my luck they have 2 attics, and 1.5 basements, an ADU, tennis court, pool, and a brothel.

2800sf, single story
Est value $1.4m
Tract neighborhood value range $850k - $2m (wide range of sizes and quality)
I do a lot of appraisals there.
Fee is fairly nice, no mortgage on the property, so I doubt there will be any ROVs on this one.
I wouldn't mind getting more of these type orders.

It's not FHA, but in the report they want the comment "Meets (or doesn't meet) minimum property requirements as set forth in the FHA/HUD 4000.1 Handbook"

Thank you everyone.

 

[Tim The Enchanter]

I do a lot of appraisals there.

If it works for you...
Do it. Bring your ladder and what not.

 

[Terrel L. Shields]

I would tell them CHA CHING - I won the jackpot and you pay out the wazoo...