FHA Fee's $

[laurielutton]

I was just added to the FHA roster. I am ready to go as I have taken the class and have the approval.
I was just wondering what you all charge for your FHA appraisals?

 

[CGgonnabee]

We have been charging an additional $100 over regular fees. I had a broker tell me last week that "most everyone charges an additional $25". I doubt that what he said is true, but that is probably where the fee is headed.

 

[Mike Boyd]

I charge $25 more, BUT, $125 for a CIR. FHA says they should be no more than a Fannie or Freddie report.

 

[TC]

I charge 25 bucks above a standard URAR.

TC

 

[Mr Rex]

Adds about 15 minutes on site and about 15 in the report for a standard house, so I charge $50 extra. If the house is older I charge more $s because I know more time at the site and at the office.

 

[starmansf]

It sounds like extra work is required for FHA appraisals. I'm charging an extra $100. And I've never done one. I was just added to the appraiser roster in CA. This doesn't include additional inspections/forms. So that would put my fee in the $450 range for an initial appraisal. Additional fees to follow.

ps. no billing.

 

[Michigan CG]

If you live in a state with a lot of Licensed Appraisers the FHA fees should go up as Licensed Appraisers will no longer be allowed to do FHA appraisals. This takes effect 10/1/08. There are some states that have a significant amount of Licensed Appraisers. In Michigan it is reportedly over half of the appraisers.

Supply and demand dictates fees.

 

[timd354]

FHA says they should be no more than a Fannie or Freddie report.

Well, when FHA has the same SOW as a Fannie or Freddie Report, then I will charge the same...but for now an increased SOW equals increased liability and an increase in Fees.....$50 extra for FHA in my case, but other appraisers I know charge $100 extra for FHA (though many of these appraisers have a base fee which is $50 less than my base fee).

 

[laurielutton]

If you live in a state with a lot of Licensed Appraisers the FHA fees should go up as Licensed Appraisers will no longer be allowed to do FHA appraisals. This takes effect 10/1/08. There are some states that have a significant amount of Licensed Appraisers. In Michigan it is reportedly over half of the appraisers.

Supply and demand dictates fees.

Where did you find that information???

 

[timd354]

Where did you find that information???

Its in the new legislation that Congress just passed over the weekend and that Bush has already said he will sign. The bill is H.R. 3221 and the version passed by Congress can be found here:
http://thomas.loc.gov/cgi-bin/query/D?c110:7:./temp/~c110wHZTi5::


I have attached the relevant section regarding the new requirements for FHA appraisers.