FHA Guidelines

[DRMORALES]

If I Report That A Subject Is Missing Flooring In The Living Room, Does It Still Meet Minimun FHA Guidelines For Livability?

 

[Mr Rex]

What does your FHA approved supervisor, the one that can do a FHA appraisal say? (No trainees allowed) Also, what do Mortgagee Letters 2005-34 & 2005-48 say?

 

[Steve Schuck]

I have a feeling that he was not looking for a smartass reply.

 

[Mr Rex]

Tough T bags.

 

[Offshore]

Shame on you Rex for being rude and not answering the question.

Shame on you Schuck for not knowing the answer to the question and being rude to Rex.

Bennett, do you mean floor covering or subfloor? You may want to be more specific. If you mean covering only, finished floor covering is not required by FHA. Call for floor covering in report and adjust for market acceptance. It’s not a correction issue.

 

[Don Clark]

Shame on you Rex for being rude and not answering the question.

Shame on you Schuck for not knowing the answer to the question and being rude to Rex.

Bennett, do you mean floor covering or subfloor? You may want to be more specific. If you mean covering only, finished floor covering is not required by FHA. Call for floor covering in report and adjust for market acceptance. It’s not a correction issue.

It may be a Saleability issue, in which case it would not be saleable without some type of floor covering. If I were doing the appraisal I would call for some type of floor covering to be installed. If the DEU wants to accept it without it, then so be it. It puts the house in the category of being unfinished. FHA does not make loans on unfinsihed houses or rooms in houses.

BTW, with the new housing bill, only Certified Residential Real Estate Appraisers will be able to do appraisals for FHA. See text of housing bill waiting for the Presidents signature:


The text from the bill awaiting signature follows:

SEC. 1404. REVISED STANDARDS FOR FHA APPRAISERS. 7
Section 202(e) of the National Housing Act (12 8
U.S.C. 1708(e)) is amended by adding at the end the fol- 9
lowing: 10
‘‘(5) ADDITIONAL APPRAISER STANDARDS.— 11
Beginning on the date of enactment of the Federal 12
Housing Finance Regulatory Reform Act of 2008, 13
any appraiser chosen or approved to conduct ap- 14
praisals for mortgages under this title shall— 15
‘‘(A) be certified— 16
‘‘(i) by the State in which the prop- 17
erty to be appraised is located; or 18
‘‘(ii) by a nationally recognized profes- 19
sional appraisal organization; and 20
‘‘(B) have demonstrated verifiable edu- 21
cation in the appraisal requirements established 22
by the Federal Housing Administration under 23
this subsection.’’.

 

[Mr Rex]

I answered the question, the Trainee (and PC police licensed guy) must learn to read to find it.

 

[redfish]

Mr. Clark


Can you post a link to your source for the housing bill text?

Thanks

 

[Offshore]

Rex I dearly wanted to post the appropriate link, but have been previously told by the mods that is rude behavior.
When someone demands something in here, it is far safer to assume what they ordered and serve it up. To show them
the entire menu is against the rules. :laugh:

 

[Don Clark]

Mr. Clark


Can you post a link to your source for the housing bill text?

Thanks

Here you go. I have also posted on the new thread I just started:

http://www.house.gov/apps/list/press/financialsvcs_dem/hr3221_bill_text.pdf