FHA refinance-repairs?

[RSW]

Now you've got it!

 

[RSW]

Neil,

I wasn't trying to talk down to you. I just think that if someone is going to do an FHA appraisal they should read the HB and mortgagee letters and anything that is available before they start. Things have changes a lot since the old 4155.1. I remember doing a lot of streamline refinance appraisals too. Now, they are just the same. You should also read Appendix A for REOs, Appendix B for 203Ks, and Appendix C if you do any Native American Land Appraisals. I also keep these things on my desktop saved as pdfs for easy access.

Good Luck!

 

[Don Clark]

I think I see what you are saying. Even if an appraisal assignment is identified as an FHA streamlined refinance, you would call ANY repairs based on your understanding of 05-34 and 48, and then the lender would decide which to require, as FHA only requires LBP, but the regs say that the lender may require repairs to be completed, which they may if there is a safety or marketability issue which could be improved by completion of repairs.

Other than what others have said, and I do not need to repeat, the way I look at this is....the VC sheets were dropped as a requirement. What was required on or by the VC sheets has not changed.

 

[Michael Tipton]

The appraisal business is slow locally, so I am visiting the FHA site for useful info, etc. I ran across the following info regarding FHA Repair Conditions.

http://www.HUD.gov/utilities/print/...v/offices/hsg/sfh/ref/sfhp1-22.cfm&portnum=80

 

[RSW]

The appraisal business is slow locally, so I am visiting the FHA site for useful info, etc. I ran across the following info regarding FHA Repair Conditions.

http://www.HUD.gov/utilities/print/...v/offices/hsg/sfh/ref/sfhp1-22.cfm&portnum=80

Thanks, but that is for the old 4155.1 handbook.

 

[Michael Tipton]

Thanks, but that is for the old 4155.1 handbook.

The Mortgagee Letters 2005-48 and 2005-34 are still relevant and referenced in the attachment.

 

[RSW]

Yes, but it also referenced the 4155.1 HB as well.

 

[Michael Tipton]

Yes, but it also referenced the 4155.1 HB as well.

Are you implying the Lenders don't need a handbook?

Mortgage Credit Analysis for Mortgage Insurance on One- to Four- Handbook(4155.1)