Does FHA require a land value if no cost appr?

[Greg Bell]

JVI Appraisals, Local M AND M Contractor , Pyramid in Oklahoma ,Per instructions.Maybe not so in California..

 

[CANative]

Those are just specific client assignment conditions.

 

[Brad Pack]

JVI Appraisals, Local M AND M Contractor , Pyramid in Oklahoma ,Per instructions.Maybe not so in California..

Mr. Bell -

FYI: HUD/FHA guidelines/protocols are not region specific - they apply to all 4 Homeownership Centers (Santa Ana, Philly, Atlanta, Denver). Apparently, the local contractor you work with is asking for supplemental information, not required by FHA via regulation. It could possibly be contractual - I'll have to find out. Thank you for the timely information.

 

[Rick Neighbors]

Reverse Mortgage

So how about reverse mortgages? Does it make any difference as to requirements for site values?

I did not provide the cost approach, 52 year old home, but I did put the site value in brackets on the Sales Comparison Grid as I made some site value adjustments.

Just curious. Or if someone knows where I can reference the answer.

Rick

 

[CANative]

The protocols and procedures for "heckums" are the same as any other appraisal for HUD/FHA.

You don't really have to provide an opinion of site value to make adjustments for differences in the lot sizes of improved properties. You just have to know how much lot size differences effect the sales price.

 

[Kenneth Reynolds]

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

 

[Kenneth Reynolds]

Is there a checklist that includes all the HUD requirements for an FHA appraisal? If not has anyone gone to the trouble to make an FHA checklist that would keep am appraiser on track for the first few FHA appraisals. A checklist could be made using the mortgage letters, handbook, and Appendix D but thought I'd see if someone has already completed the work to make a checklist and wouldn't mind sharing.
If not I will give it a shot post it for the more experienced to fine tune or for those who think it might help.

 

[JSmith43]

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

Scan through the last couple years of HUD mortgagee letters. There are lots of them that refer to HECM. Also, it's HUD's way of updating the handbook, so you really have to follow those letters.

Does anyone know how far to go back to cover items not incorporated in the most recent handbook? I have 4155.1 Rev 5, which is dated October, 2003. I probably obtained it via following a forum link-try the stickies at the top of the HUD forum.

If that is the latest version, one would need to read and understand the mortgagee letters issued from that point, I'd suspect to cure gaps in knowledge on the matter.

 

[Mike Garrett RAA]

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?

 

[Chris Colston]

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,

That is so totally off the topic of this thread that I would have to consider it a "hijacking". Although a wonderful question, please start a new thread asking that question and stay on the topic of this thread. Thank you.