• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

FHA CONDO?

Status
Not open for further replies.

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
All FHA Appraisals are to be done on the 1004 according to 4150.2 handbook. However, lender can request/accept on a condo form. Ask the lender.

Don Clark, IFA
 

rtubbs

Junior Member
Joined
Jan 15, 2002
Check out the Homeownership Center Reference Guide:

"Appraisal written on the Uniform Residential Appraisal Report form URAR, the Federal National Mortgage Association's (FNMA) Individual Condominium Unit Appraisal Report form, or the FNMA's Small Residential Income Property Appraisal Report form are acceptable to the Department" (page 1-5)
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Mark,

Take the easy way out and do it on the 1004. Be sure to check for approved condo status on the HUD website. HUD does all that silly FNMA project work for you by approving the project ahead of time. Take advantage of it.

Ben
 

Conrad

Freshman Member
Joined
Feb 4, 2002
Unless the 1073 is specifically requested by a Lender, they get the 1004 for a HUD condo. If they want the condo form, it costs them extra.

Conrad
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Too bad VA doesn't have the same regulation.
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Too bad VA doesn't have the same regulation.

Well, it hasn't been that long ago that we V.A. appraisers could use the 1004 for everything...what, 2-3 years ago? This turnaround time for V.A. is killing me right now because I have 5 LGI's to do, plus the others. But before anyone jumps on me for being on the gravy train, I'm not complaining!
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Doesn't it say something when we are all doing lots of liquidation appraisals for the VA?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I think much of the VA REOs are because they will mortgage the sale price plus plus plus - then transfer them. There is no way they can sell for what they owe.
 
B

Bemis Pownall

Guest
went out on a few refies were they bought the home 1-2 years ago(FHA) with tons of consessions, guess what the appraisal aint hitting "the number" now
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks