• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Form for FHA Refi

Status
Not open for further replies.

Pamela Crowley (Florida)

Thread Starter
Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
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

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
Doesn't sound right to me either. You should call you HOC help line.
 

P.Johnson

Sophomore Member
Joined
Feb 4, 2002
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

Junior Member
Joined
Jan 15, 2002
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."
 

EDWARD BERRY

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Arkansas
ME thinks that the repairs (unless unsafe) are to be ignored on refi.
ed
 

rtubbs

Junior Member
Joined
Jan 15, 2002
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

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Sorry,

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

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

P.Johnson

Sophomore Member
Joined
Feb 4, 2002
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.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks