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FHA Refinance

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Christopher Lauver

Thread Starter
Freshman Member
Joined
May 6, 2002
Professional Status
Certified Residential Appraiser
State
New Jersey
I've recently started doing FHA appraisals and have a question that may be quite obvious to some. I'm doing a single family FHA Refi(not streamline) and have a few repairs(a little paint, soffet repair, loose/broken steps/working stove in attic, all <$2000). I'm going to include these repairs and conditions in my report. I've been told by some that since this is a refi and not a purchase, I don't have to include these conditions in the report. This just does not sound right. Any ideas would be helpful.

Thanks,
Chris
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Chris:

Doesn't sound right to me:
YES they have to be included in your report! Streamline or not! The underwriter can choose to waive repairs [on a streamline refi] but you report them in the same manner you would on ANY FHA appraisal. [Edited for clarity after Ben's post :) ]

or at least so I have always been told... :?
When in doubt call your area HOC!
They won't bite. And I doubt HUD makes complete notes of every conversation to be held aginst you personally.

As another poster once said: (I hope you).. "get hazard pay for these [FHA appraisal] things!"
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Chris,

Lee Ann is correct. Complete the appraisal as you would any other FHA appraisal. All repairs, termite cert, etc, are required to be listed on the VC Sheets.

Since it's a regular refi, all of the repairs must be completed. If it was a streamline refi, the DEU can waive all repairs except lead-based paint repairs.

Just remember, the appraiser does not waive the repairs. They will try to get you to do it, but don't give in. The appraiser lists the repairs and certs and the DEU takes over from there, depending on the type of refi.

You may wish to try the appraisers link over at the HUD website. They have all of the refi appraisal info listed for your perusal.

Ben
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Another thing to keep in mind is that the FHA handbook specifically states the the Appraiser is not to discuss the appraisal with anyone other than the Underwriter. When HO, LO, Realtor or anyone else gives you a problem, fax them a copy of the page that states this.
 

Christopher Lauver

Thread Starter
Freshman Member
Joined
May 6, 2002
Professional Status
Certified Residential Appraiser
State
New Jersey
Thank you all for your advise. I appreciate your help. Does anyone know of a good book (besides the actual handbook) regarding FHA appraising? I've checked out AI for books and cannot find anything. Any class I've seen offered is just a rehash of the handbook.

Thanks again,

Chris
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Go to HUD.gov and download the National HOC Reference Guide, it over rides the 4150.2 in some cases. Then down load the FAQs, they over ride the 4150.2 and the Reference Guide. Also check out the HUD chat room at NAIFA.com. Ben V and Brad P post some very good thoughts there also. And there are posters that don't participate on this forum. So the more the merrier!!!
 
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