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FHA question:

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Durano Joe

Thread Starter
Junior Member
Joined
Sep 4, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Does every reverse FHA mortgage require a home inspection?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
No FHA mortgage requires a Home Inspection.
 

tjcou812

Junior Member
Joined
Aug 17, 2007
Professional Status
Certified Residential Appraiser
State
Connecticut
appraisers are the home inspectors for FHA/HUD loans.
 

Mark to market

Junior Member
Joined
Nov 14, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
Handbook No.: 4150.2, CHG-1, Issued July 1999

B-2 SECTION 255: HOME EQUITY CONVERSION MORTGAGES (REVERSE
MORTGAGES)
A Reverse Mortgage allows a borrower aged 62 and older to
borrow against the equity in a property that has limited
outstanding debt. A subject property under this program
must be a one- to four-unit dwelling in which the mortgagor
occupies one of the units. The appraiser must perform the
appraisal with the same standards and forms expected in an
FHA single-family appraisal. It may be a unit in an
approved condominium or Planned Unit Development (PUD).
Manufactured homes are eligible if the home complies with
outstanding FHA guidance. The same deficiencies and repair
items must be noted on the URAR forms. In certain
instances, the borrower is not required to treat any
defective paint surfaces after closing for properties built
before 1978.
 
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