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Farm Home USDA Loans

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Karl

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Yes or No, Do U or Don't U Include a VC sheet for these type government loans?? Those that say Yes PLEASE give me the rulings in writing & where they are found. Thank U This is important
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Karl, No, I don't! I've never been asked for a VC Sheet.
 

Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
No and have never been ask for one. They are however appraised under the same property and condition requirements as a HUD only you don't need the VC form in the appraisal.
 

rtubbs

Junior Member
Joined
Jan 15, 2002
This is the way Rural Development handles it in North Alabama:

Up til March 2002, USDA, Rural Development, required a home inspection on every FmHA sale. The inspector (registered with the State) prepared the Certificate of Existing Dwelling and the Thermal Certification. In March, the local office sent a memo to lenders stating that they have 2 choices: require a home inspection and certifications as before or have the appraiser prepare the VC sheets (in lieu of the Cert of Existing Dwelling) and complete the Thermal Certification. Apparently, this is a local thing so you need to check with your local office as to what they require.

Lenders here are generally opting for the first choice; however, I have appraised a few where I completed the VC's as if it were FHA. No homebuyer summary involved, tho.
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Ron, were you around in the "old" days when Rural Development (Farm Home Administration) required that the appraiser inspect the interiors of the comps? I didn't do work for them then, because of that. I couldn't imagine knocking on doors and asking if I could come in to look around!
 

Karl

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Thank U all for your help. Been on this Forum since it's birth & it just keeps getting better. Pretty soon they should be given CE Credits if your a member of this, along with NAIFA
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Karl;

Farm Home has it's own specific set of requirements. I have taken these and put them into an addendum that answers the questions. I think I also have it in a Word .doc. E-mail me if you want a copy.

Regards

Richard
 
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