Form 92051 or 1004d

[NC Appraising]

FHA Appraisal.

Tract/site built SFR de-tached home in a PUD 85% complete.

Have the guidelines changed? Will the lender order a 92051 or a 1004d? Will the appraiser do it or someone else?

or

is the below correct...or Im I reading this wrong?

For new construction financing, the Mortgagee must obtain the following requirements for Site Built Housing and Condominium units (by Construction Status at time at appraisal):

Inspection Requirements:
Proposed Construction:

• copies of the building permit (or equivalent) and Certificate of Occupancy (CO) (or equivalent); or
• three inspections (footing, framing and final) performed by the local authority with jurisdiction over the Property or an International Code Council (ICC) certified Residential Combination Inspector (RCI) or Combination Inspector (CI) (for Modular Housing, footing and final only); or
• in the absence of such ICC certified RCI or CI, the Mortgagee may obtain three inspections (footing, framing and final) performed by a disinterested third-party, who is a registered architect, a structural engineer, or a qualified trades person or contractor, and has met the licensing and bonding requirements of the State in which the property is located.

Under Construction:

• copies of the building permit (or equivalent) and CO (or equivalent); or
• a final inspection issued by the local authority with jurisdiction over the Property or by an ICC certified RCI or CI; or
• in the absence of such ICC certified RCI or CI, the Mortgagee may obtain a final inspection performed by a disinterested third-party, who is a registered architect, a structural engineer, or a qualified trades person or contractor, and has met the licensing and bonding requirements of the State in which the property is located.

 

[jay trotta]

In the past, (under the 80%+ completed) I would generally grab the bldg. dept. inspection data and add it to the report. For the Final, always included the C. of O., as it verified the right to occupy. I assume everyone does it differently.

 

[alebrewer]

An FHA inspector would have to do the final inspection for new construction FHA that is appraised 'subject to' completion. Appraiser's shouldn't be signing off on FHA n/c.

 

[NC Appraising]

An FHA inspector would have to do the final inspection for new construction FHA that is appraised 'subject to' completion. Appraiser's shouldn't be signing off on FHA n/c.

Correct me if I am wrong, but at one point, I think it was if the home was 90% complete, the appraiser could do the final using the 1004D.

Did FHA get rid of this?

 

[glenn walker]

Mortgagees are to contact and pay fee inspectors directly. Fee inspectors report findings on Form HUD 92051 and return it to the mortgagee.

 

[alebrewer]

Correct me if I am wrong, but at one point, I think it was if the home was 90% complete, the appraiser could do the final using the 1004D.

Did FHA get rid of this?

not that I'm aware of... I'm pretty sure anything 'under construction' requires an inspector to sign off (and for FHA, under construction is anything less than 100%. Maybe the following would provide some assistance? If that doesn't work, you may want to call your HOC.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.HUD.gov/sites/dfiles/OCHCO/documents/2020-36hsgml.pdf

 

[NC Appraising]

This is what I found...note, it is an archive.

https://archives.HUD.gov/offices/hsg/sfh/ref/sfhp1-8f.cfm

onstruction & New Homes: Final Inspection on Properties​ Chapter 1 Appraisal & Property Requirements Page 1-08f A. Introduction | B. Construction definitions | C. General requirements | D. Minimum property standards E. Subdivision approvals | F. Final inspection on properties F. Final Inspection on Properties For final inspection guidance on "Under construction" or "existing less than one year old" dwellings. Please see: Mortgagee Letter 2001-27, HUD Handbook 4145.1 Chapter 6-3, and "Inspections" found in the Construction Definition section of this guide. If the property is under construction and less than 90% complete at time of appraisal: The appraiser must have a complete set of the plans and specifications and the Builder Certification in order to do the appraisal (as described in Section C). The appraiser will perform the appraisal and call for a final inspection to be completed by a FHA Fee Inspector; or, when applicable, the local authority or equivalent. The appraiser will make the following statement on the appraisal report: "Property under construction; complete according to submitted construction exhibits." When the final inspection is completed by a fee inspector, the inspection will include photographs as noted in Item 1 above along with a statement on the HUD-92051 as follows: "This is a newly completed dwelling that was not completed under HUD or VA inspections. The dwelling appears to be in conformance with the submitted construction exhibits." Please see: HUD Handbook 4145.1 Chapter 6-3. If the appraisal is to serve as the final the home must be 100% complete at time of the appraisal and: (This procedure does not apply to manufactured homes.) The appraiser must have a complete set of the plans, specifications (as described in Section C) including the Builders Certification HUD-92541 in order to do the appraisal. The appraisal serves as the final inspection and Form HUD-92051 is not required: The appraiser is to verify general conformance with plans and specifications; Inspect for health and safety violations; If no health and safety problems are noted and the property is ready for occupancy, the appraiser is to make the following statement in the remarks section of the appraisal: "This is a newly completed dwelling and appears to be in conformance with the submitted construction exhibits." Take a clear photograph (in addition to the standard appraisal photos) of each diagonally opposite front and rear corner of the house to record adequate grading and drainage of the site; and Make a statement on the appraisal report of the acceptance of the grading and drainage. The Department requires that all utilities are on and fully functional during a final inspection otherwise, the property is not 100% complete. ​

https://archives.HUD.gov/images/spacer.gif

​

 

[Tom D]

i hate the 92051. it seems to me to be more of a draw inspection, of work being completed. the 1004d is more like everything is finished & done form. the lender can ask for either form for a final.