FHA Guidelines

[Mr Rex]

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:

So the mods have joined the NEA and the dumbing down of America continues huh?

 

[Edward OConor]

USE the RED triangle to report inappropriate and/or non constructive posts.

 

[Greg Bell]

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 unfinished 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.’’.

You wish.I sent e mails to senators and the president.They will fix it to read "Certified/Licensed" , anyway , I have a call in to the appraisal institute on where to pick up my "Certification"

 

[Joshua Fookes]

why don't you just get certified???

Seriously, it can't hurt you. And it really isn't that hard to do if you have knowledge and experience.

Josh