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Appraiser requirements

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Don Clark

Thread Starter
Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
For loan limits under the temporary loan increases. This was just sent by FHA.


All-

Reminder for all FHA Lenders and Appraisers:

In view of the temporary loan limit increase for FHA, as announced in Mortgagee Letter 2008-06, Lenders are reminded of the statutory mandate in Title XI of the Federal Institutions Reform, Recovery and Enforcement Act (FIRREA) which states that “a state certified appraiser shall be required for all federally related transactions having a value of $1,000,000 or more.”

Lenders must use FHA Roster appraisers who are state certified when the loan amount is $1,000,000 or more.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
SHOULD BE $500,000. OR MORE.
 

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
California has had this limitation since I've been licensed (in this state). I may have lost a couple of assignments but, most of the residential appraisals have transaction values of less than $1,000,000. That is not to say that we cannot appraise a home that comes in over $1m.
 

Joe Booth

Junior Member
Joined
Oct 16, 2003
Professional Status
Certified Residential Appraiser
State
California
Mike,

I'll be certified this year. I've waited and put it off because I was so busy. And from some of the post I've read by "certified" appraisers, the title does not mean much to me. Now that the game is changing.... I see the need and so it shall be done. Please don't judge a book by it's title.

Once I'm Certified I will agree with that. Call me a hypocrite.
 
Last edited:

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
I think the only properties with FHA limits over a million are multi-family.
 

FRAN HARDER

Freshman Member
Joined
Apr 30, 2006
Professional Status
Certified Residential Appraiser
State
Oregon
correction: "loan" limits
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Been 1 Million and above like that for as long as I can remember.Never lose a job as long as you stay king of the cracker boxes.Don't worry all those 1 and 2 million mansion will soon be in licensed territory.Licensed appraisers unite!!!
FHA Loans limits do not exceed one million on single family homes anywhere in the US.
 
Joined
Aug 16, 2007
Professional Status
Licensed Appraiser
State
Virginia
Mike,

I'll be certified this year. I've waited and put it off because I was so busy. And from some of the post I've read by "certified" appraisers, the title does not mean much to me. Now that the game is changing.... I see the need and so it shall be done. Please don't judge a book by it's title.

Once I'm Certified I will agree with that. Call me a hypocrite.

Me too.. just dread taking the dad blame test... but got Learnappraisal.com and love my little cartoon teacher man...you are also right.. I have seen some trainee posts more intelligently written than some of the certified's.
 
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