Basic HUD Questions

[esturni]

I just got approved, and since there is no test or anything, I am not all that knowledgeable. I just read through the Valuation Analysis for Single Family One- to Four- Unit Dwellings (all 195 pages), and I'm planning on taking a class before I actually do an FHA appraisal.
With that said:

1. It seems like an FHA Appraisal is a standard URAR with the Valuation Conditions Form (and Homebuyer Summary)? So it's really just much more detailed, extensive reporting?

2. Of the FHA appraisals that you all have done, what percentage of reports had to be done "as-repaired" subject to the satisfaction of the condition? Basically, are you usually finding
something wrong?

3. Generally speaking, how much more do you charge for these vs. standard appraisals?

Thanks for your help!

 

[Mr Rex]

The VC forms have been retired. Read and re-read the revised Appendix D. Its an attachment to Mortgage letter 2005-48. Don't stick your neck out until you can tell your mother or grandmother that you fully understand the FHA appraisal process and all the guidelines. Good luck.

 

[TC]

Take the dog's advice. I would also advise you to ask a fellow appraiser with FHA experience if you could tag along with him/her for maybe 10 or 20 appraisals. There are a million ways to screw the pooch.

TC

 

[incognito]

The VC forms have been retired.

The VC forms have LONG since been retired. You are not competent to complete a FHA appraisal at this point.... Remember, it would be a USPAP violation for you to accept and/or complete an FHA appraisal, based on what you have presented us here...

 

[RSW]

Rex and TC could not have said it any better. I would also read and re-read Handbook 4150.2. Specifically, the Performance & Sanction Matrix. HUD/FHA is a lot more strict about appraisals than conventional lenders are. I'm not trying to scare you. But, you need to know what you are getting yourself into before you make the leap into FHA appraising.

 

[esturni]

Thanks for the advice. incognito, I already said I am not ready to do an FHA appraisal at this point.
I must be missing something though. I read and reread Appendix D that I found here:

http://www.HUD.gov/offices/adm/hudclips/handbooks/hsgh/4150.2/index.cfm

and I'm still not seeing what exactly is required (as far as a form like the VC). Maybe I'm just tired.

 

[RSW]

I just put together a short two page check list and it was posted on another thread last week. Here is a copy of the check list. It does not cover the site hazards, property considerations, storage tanks, and gas wells sections of the old VC sheet. I will be working on a page 3 in the next few weeks. Maybe this will help.

Don't take this check list to be all that needs to be checked. It is only a basic list. Read the handbook 4150.2 and not just the revised appendix D.

 

[Greg Bell]

Mortgagee Letter 4005-48...READ THIS BEFORE YOU DO ANYTHING ELSE.....

 

[incognito]

I'm still not seeing what exactly is required (as far as a form like the VC). Maybe I'm just tired.

Fair enough, Eric. There IS NO form. You basically address the relevant issues in the report, in the appropriate sections. The only spectial form you are likely to encounter is the Compliance inspection form, which is used for FHA for doing repair inspection reporting. read Mortgagee Letter 2005-ML-48. It is loaded with info.

 

[RSW]

I would highly recommend reading the Revised Appendix D. It gives almost a line by line item breakdown of what and where things need to be reported on the URAR.