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203k

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Bedrock

Sophomore Member
Joined
Oct 21, 2004
Professional Status
Licensed Appraiser
State
New Jersey
I am FHA Certified and was wondering if there is another certification that I need to do 203K appraisals?

Chris
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
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

Member
Joined
Sep 7, 2006
Professional Status
Certified Residential Appraiser
State
New York
If you are on the roster you can prepare appraisals for 203k. However they are done differently.
 

Bedrock

Sophomore Member
Joined
Oct 21, 2004
Professional Status
Licensed Appraiser
State
New Jersey
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
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
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.
 
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