4150.2 specifies the following:
"Before performing the assignment, the appraiser must check with the lender to ascertain that the project is on an approved list maintained by the HOC or by a DE underwriter who has performed a spot
condominium approval. The appraiser must check the URAR item indicating that the property is within a
condominium project, and therefore, eligible for FHA endorsement."
4150.2 for the previous VC-13 specifies the following:
"If the subject property is located in a PUD or condominium setting, it must be on FHA's approval list or accepted through reciprocity."
The new VC-13 asks the following questions:
"Property is a condominium (yes or no)", if yes:
"This property is not on an FHA approved condominium list (yes or no)"
Yes responses require descriptions on page 5 of the VC form
Several questions:
1. What is a DE underwriting spot approval?
2. What does accepted through reciprocity mean?
3. If we are to check with the lender about a condo being on an approved list prior to beginning the assgnment, what's the meaning of a "yes" answer to the new VC-13(a)-that it's not on an FHA approved condo list?
As you might expect, I have an appraisal on a property (single family detached) that is in a condo project not on FHA's approved list. As you might also expect, there are several FHA sales in the project.
Final question: Is all of the above irrevelant-go ahead with the appraisal and let the lender worry about it?
"Before performing the assignment, the appraiser must check with the lender to ascertain that the project is on an approved list maintained by the HOC or by a DE underwriter who has performed a spot
condominium approval. The appraiser must check the URAR item indicating that the property is within a
condominium project, and therefore, eligible for FHA endorsement."
4150.2 for the previous VC-13 specifies the following:
"If the subject property is located in a PUD or condominium setting, it must be on FHA's approval list or accepted through reciprocity."
The new VC-13 asks the following questions:
"Property is a condominium (yes or no)", if yes:
"This property is not on an FHA approved condominium list (yes or no)"
Yes responses require descriptions on page 5 of the VC form
Several questions:
1. What is a DE underwriting spot approval?
2. What does accepted through reciprocity mean?
3. If we are to check with the lender about a condo being on an approved list prior to beginning the assgnment, what's the meaning of a "yes" answer to the new VC-13(a)-that it's not on an FHA approved condo list?
As you might expect, I have an appraisal on a property (single family detached) that is in a condo project not on FHA's approved list. As you might also expect, there are several FHA sales in the project.
Final question: Is all of the above irrevelant-go ahead with the appraisal and let the lender worry about it?