Does FHA require a land value if no cost appr?

[Don Clark]

Here is an interesting question....

If you are reviewing an FHA appraisal that is, say, 3 years old...are you required to verify the VC items?

Mike,

I will join you in the hijacking

The answer is yes. The same as we would review an appraisal completed prior to July 1, 2006 in the context of USPAP that was in effect at the time of the report.

 

[Don Clark]

I'm looking at an FHA report without land value. Does FHA require land value break-out if an appraiser doesn't perform a cost approach.

Roger,

This link takes you to the REO(Appendix A) of 4150.2 but the rest of the handbook is there as well.

http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=HBKS&s1=(4150.2)[no]&op1=AND&l=100&SECT1=TXT_HITS&SECT5=HBKS&u=./hudclips.cgi&p=1&r=12&f=G

 

[CANative]

Greg, I've already admitted I am an FHA new guy who has done no FHA appraisals thus far. Can you tell me what you mean by "heckums"? Thanks

LOL... Sorry. I was being droll. That's how the HUD/FHA appraisers at SAHOC refer to the Home Equity Conversion Mortgage (HECM) or "reverse mortgage."