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203K appraisal

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Dicerick

Freshman Member
Joined
Jul 20, 2008
Professional Status
Certified General Appraiser
State
Illinois
Does anyone know what is any special requirements are needed for a 203K loan appraisal?
 
As the appraiser you will need an itemized list, with costs, of the improvements that are to be made. Also, if they will be completed by a contractor or homeowner. The applicant will meet with an FHA approved consultant and write up this list. The lender will likely request "As Is" and "As Repaired" appraisals.
 
Here are some good links to get you started.
Streamlined 203(k)

Limited Repair Program

Mortgage Letter (a must read)

203(k) Rehab Program

Q and A on 203(k)
 
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