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Minimum Property Requirements vs Minimum Property Standards

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Julie Shockley

Thread Starter
Freshman Member
Joined
Jan 22, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
Am I correct in understanding that Minimum Property Requirements pertains to existing construction while Minimum Property Standards pertains to new construction???
I thought I had this pegged and have never had anyone question the statement included in my FHA reports. I have an underwriter needing me to include a statement that the "property meets HUD minimum property standards". The statement I included is "The subject meets the HUD Minimum Property Requirements". Would this not be a correct statement since the subject is existing construction????
The first paragraph in the 4150.2 under FHA Quick Tips addresses this specific issue. Am I missing something??? Please enlighten me if I am. :blush:

Have a great day!!
 
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