203k

[Bedrock]

I am FHA Certified and was wondering if there is another certification that I need to do 203K appraisals?

Chris

 

[Michael Tipton]

I would suggest beginning with the attached FHA link regarding the 203K program.

http://www.HUD.gov/offices/hsg/sfh/ref/sfhp1-10.cfm

 

[Daystar]

If you are on the roster you can prepare appraisals for 203k. However they are done differently.

 

[Bedrock]

Daystar,
I spoke with 2 other appraisers in my area and both said that there is not difference between a standard FHA and a 203k. They said the only thing I need it the consultants report. Could you please explain how 203k is different from a standard FHA report.

Thanks,
Chris

 

[Charley Horse]

Google "203k"... tons of information... or this site exlains the basics as well as any I found:

http://www.203k.net/loans/renovation/fha203k/

 

[Mike Boyd]

Basically, you are doing a construction loan appraisal. So, you need plans and specs on what will be done, the contractors estimate and a copy of the contract....and you may have to do the cost approach, depending on how much work is anticipated. I haven't done a 203k for several years, so read up on any new requirements.