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FHA To Conventional

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Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
Drawing a blank here. I did an FHA appraisal a couple of weeks ago. The client emailed me asking to change it from FHA to conventional (I am guessing there is something wrong with the water test they did). I can change it with just a new "date signed", keeping the effective date the same, right? I know per USPAP I can't change it if they add/subtract an intended user but they are just changing loan program.
 

Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
Yes, thank you. Funny thing is I did a chapter of my USPAP CE course tonight and fate would have it, it addressed this very issue! New assignment because FHA is no longer an intended user; you can't add or subtract an intended user or rise it is a new assignment.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Be sure to address the use/user. FHA has specific language, Fannie has specific language. That is something that is easily overlooked in the conversion.
 
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