Doing FHA for first time, Help.

[nmeknat]

Hi Everyone. I am doing my first FHA appraisal. I have noticed FHA reports are done on the same form I do regular reports, Fannie Mae 1004, or 1073 for condos and so on. Is there something I need to pay most attention besides a way more detailed report?
Thanks:new_llying:

 

[Mike Kennedy]

Suggest referring to the FHA guide.....and USPAP Ethics / Competency Rule.

 

[nmeknat]

Is the fee for FHA appraisals more than regular Appraisal?

 

[TXCBoy36]

I typically charge $400 for a typical single family FHA Appraisal.

 

[Chris Colston]

Is the fee for FHA appraisals more than regular Appraisal?

That's a business decision on your part.

I strongly suggest you pair up with an experienced FHA appraiser or you won't be FHA approved for very long. There are things you MUST do during the data gathering at the subject. Even though there are no longer VC sheets, you still must view the subject as if these were still being used. That includes head and shoulders into the attic and in the crawl space. Got a ladder?

You do have a print out of 4150.2 and appendix D, right? That will tell you everything you need to know including how to complete the forms to HUD's specifications.

 

[nmeknat]

I am FHA approved but this assignment is the first for me. I do have a print out of 4150.2 but the more I look at it the more it seems like a regular appraisal report I do everyday. AM I missing something?

 

[TXCBoy36]

The appraisal is not exactly the same. You need to read the appendix on the changes. There is some wording and display that is different. You have to make sure that your net and gross adjustments are not higher than 15/25% and if they are you will need to offer an explanation why....that is just one of things that needs to be paid attention to.

I would suggest taking some classes, that would be the best way to start.

 

[CANative]

You should spend time catching up on relevant mortgagee letters for the past 5 or 10 years, reading the handbooks which describe HUD minimum property requirements (existing improvements) and minimum property standards (proposed improvements), THOROUGHLY read and UNDERSTAND the revised Appendix D to the 4150.2 and work with an appraiser experienced with FHA assignments for the first dozen or so.

The VC sheets may have gone away and so did the test, but as a licensed or certified appraiser you will be held responsible for knowing and executing the proper scope of work.

Check for adequate drainage, fall distance of power lines/towers, the distance of wells to septic systems and property lines, the availability of public sewer and water connections for properties on well and septic, fireblocks in common attics, blah, blah, blah. The list is almost endless.

 

[TC]

Been doing FHA for 20 years, still have to refer to the manual.

TC

 

[CANative]

I went out with my dad and brother for a couple of years before trying it on my own. Still had to ask questions for a while. Still asking them on the forum too.