Form for FHA Refi

[Pamela Crowley (Florida)]

Client is talking about doing a FHA refi on a 2055 with interior. I've never run across this and always use the URAR. Anybody know if this is kosher?

 

[Ted Martin]

Doesn't sound right to me either. You should call you HOC help line.

 

[P.Johnson]

Don't waste your time calling FHA. Refis are no different than FHA sale. They must be on the URAR. Tell the lender to call FHA or talk to an U.W. if unsure. FHA and VA are the few remaining that value an appraiser's judgement and want a complete appraisal, including the inspection form.

 

[rtubbs]

Refer the lender to HUD requirements in the Homeownership Center Reference Guide:

"Appraisal Forms Appraisal written on the Uniform Residential Appraisal Report form (URAR), the Federal National Mortgage Association's (FNMA) Individual Condominium Unit Appraisal Report form, or FNMA's Small Residential Income Property Appraisal Report form are acceptable to the Department. Currently, only these forms are acceptable for FHA cases. Other FNMA appraisal forms which are used for streamlined appraisal or a qualitative sales comparison analysis are not acceptable at this time."

 

[Pamela Crowley (Florida)]

Thanks Ron! That's what I thought.

 

[EDWARD BERRY]

ME thinks that the repairs (unless unsafe) are to be ignored on refi.
ed

 

[rtubbs]

Edward, that's not what HUD says. You still complete the VC forms the same as with a regular appraisal. The UW has the option of waiving repairs, except for lead based paint.

Think about it; when the property is foreclosed on a month (or whenever) after the refi, whose appraisal does HUD have that may not have addressed repairs that might should have been, at least, identified.

 

[EDWARD BERRY]

Sorry,

Should have said as a PRACTICAL matter-thats what will happen.

Still fill out VC sheets-Sorry for inferred misinfo.ed

 

[P.Johnson]

Wrong. Only if the U.W. feels like losing his/her FHA approval. The U.W. always has the ability to remove all work orders. It doesn't work with FHA just because its a refi.