FHA Lowering Requirements

[Non Sequitur]

Has anyone received any pushback from client's or AMC's when abiding by the new protocol i.e. not taking crawl space or attic photos, etc.

Sorta. One of my best clients sent an email out to their panel stating they are aware of the FHA mortgage letter, but until they coordinate with their investors old requirements are still in place.

 

[NJ Valuator]

Sorta. One of my best clients sent an email out to their panel stating they are aware of the FHA mortgage letter, but until they coordinate with their investors old requirements are still in place.

ah ok.

 

[Tom D]

FHA Lowering Requirements​

When FHA finally said we didn't have to write 'covered' porch i knew it was the start of lowering appraisal quality.

By the way, what is an uncovered porch.

 

[Lil Rhody]

Has anyone received any pushback from client's or AMC's when abiding by the new protocol i.e. not taking crawl space or attic photos, etc.

I would still take pictures of attic spaces, crawl spaces and sides of the subject dwelling when accessible. The new guidance in the 4000.1 removes the requirement to include those pictures in the appraisal but does not remove the appraiser's responsibility to inspect those areas. Keeping those pictures in your work file could save time and inconvenience if an issue arises.

At least that is my interpretation of the revised guidance.

 

[glenn walker]

FHA Lowering Requirements​

When FHA finally said we didn't have to write 'covered' porch i knew it was the start of lowering appraisal quality.

By the way, what is an uncovered porch.

One you can't sit on during rain or snow.

 

[NJ Valuator]

I would still take pictures of attic spaces, crawl spaces and sides of the subject dwelling when accessible. The new guidance in the 4000.1 removes the requirement to include those pictures in the appraisal but does not remove the appraiser's responsibility to inspect those areas. Keeping those pictures in your work file could save time and inconvenience if an issue arises.

At least that is my interpretation of the revised guidance.

what about the comp photos? original still?

 

[Sadie]

FHA Lowering Requirements​

When FHA finally said we didn't have to write 'covered' porch i knew it was the start of lowering appraisal quality.

By the way, what is an uncovered porch.

One with no roof over it.

Uncovered porch

 

[Tom D]

Dat not a porch. It an uncovered raised patio. Really nice looking but used for what. Makes the house look even more smaller. Needs a big potted plant on it for balance.

 

[glenn walker]

Dat not a porch. It an uncovered raised patio. Really nice looking but used for what. Makes the house look even more smaller. Needs a big potted plant on it for balance.

Depends in California Patios are on
Side or Back of homes. Porches typically are where front entry doors are located. No matter what if this is a big issue it's time to stop and look for a new career.

 

[Tom D]

Glen, the covered porch thingy is the biggest thing with HUD term stupidity. There has never been a definition of porch without a roof being mentioned. It always annoyed me to use that stupid term. Porches are usually at any entry point by definition.

At least this thread has stayed appraising comments only. Nice to just argue porches, than fighting with political nut cases.

And yes, i have partly tranistioned to a prior life of rehabing but flipping them now. So i can now discuss the minutia of appraisals, my soon to be last life come uad3.