FHA CONDO?

[mark peters]

FOR FHA CONDOS, DOES IT GO ON A 1004 OR CONDO FORM?

 

[Don Clark]

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]

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]

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]

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]

Too bad VA doesn't have the same regulation.

 

[Charlotte Dixon]

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]

Doesn't it say something when we are all doing lots of liquidation appraisals for the VA?

 

[Pamela Crowley (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.

 

[Bemis Pownall]

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