Condos and FHA

[Bobby Bucks]

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]

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]

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]

Chums number? What the heck is that?

 

[Wally Jones]

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]

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]

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]

Blue1

CHUMS stands for FHA's Computerized Homes Underwriting Management System

Memorize it. Quiz tomorrow. :lol:

Ben

 

[Bobby Bucks]

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.