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Condos and FHA

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Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
I used to do FHA loans on Condos by the boxcar load until a couple years ago. I got mad with a lender and quit doing them. I recently had another lender contact me about doing 10-12 a month....it's not a Soprano deal, but a legit group. Without going back through the wringer with update courses, etc., has anything changed significantly in the last 2 years with the VC sheets?
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I don't think there have been any significant changes from HUD in the way they handle condo's and the VC Sheets are still......well........completely detailed and self-explanatory. :roll:

HUD's website for checking to see if a condo is on their approved list seems to actually have been updated recently. Two condo's that weren't there six months ago are now both listed as approved. Wow, and they're only 25 and 30 year old complexes!

Of course, now that I've said not much has changed, your first one will get bounced back because of all the new stuff you left out! (Vinny Bucks....hmmm.....nice ring to it.)

"cavaet aestimator"
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Thanks Wally

by the way, can I have your chums number for my reports? If I get back in the FHA game I intend to spread the risk. :)
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Chums number? What the heck is that?
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Risk? What's that? 8)

I was recently told by the friendly HOC folks that CHUMS numbers are no longer required. Old habits die hard, though, so I still include it.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Bobby...you can have my old CHUMS number I don't need it any more. CHUMS 4143. They actually considered changing the terminology to CHUMPS # but the movie folks objected.

What was that legal term???? " Non Ilegitima Corundum" or something like that.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Damn Garrett,

You must be old...well at least in my old service office area you would be. Your CHUMS number of 4143 would mean that you were placed on the panel in 1941 and were the 43rd appraiser placed on the panel that year.

Mine was 8007...

007.. I liked that one

Licensed to kill (deals) :lol: :lol: with diplomatic immunity from brokers and lenders 8O 8O

Ben
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Blue1

CHUMS stands for FHA's Computerized Homes Underwriting Management System

Memorize it. Quiz tomorrow. :lol:

Ben
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Thanks for all the input folks.....I’ve made an executive decision. I’m getting back in the FHA game......I’ll use Wally’s name on all my reports, Mike Garrett’s chums number and for a little extra security I’ll stick Ben Vukicevich on as the supervisory appraiser. Then I’ll use 37 comps and add Austin’s name in an addendum. Then a year later when the property is foreclosed on, I’ll use my broker’s license to buy it and knock 50% off the sales commission. :)
 
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