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Need Help on FHA 2055.

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PAG91910

Thread Starter
Freshman Member
Joined
Oct 26, 2007
Professional Status
Licensed Appraiser
State
California
Question:
Is there any differences on report when completing FHA 2055 to a typical 2055???? The client sent me the 1st appraisal and there were some items needing repair.

Also do I need a new case # ?
 

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
Question:
Is there any differences on report when completing FHA 2055 to a typical 2055???? The client sent me the 1st appraisal and there were some items needing repair.

Also do I need a new case # ?

Yes, you have to develop and report to FHA guidelines.

Your question makes one wonder if you should be doing this assignment solo.

If these items need verified as to their completion can you do this without an interior inspection?
 

Daystar

Member
Joined
Sep 7, 2006
Professional Status
Certified Residential Appraiser
State
New York
FHA 2055......no such thing.
 

VegasWayne

Senior Member
Joined
Nov 15, 2007
Professional Status
Licensed Appraiser
State
Nevada
The FHA guidelines don't mention this form. How can the FHA inspections guidelines be followed when all you have done is an exterior inspection from the street? I would do this as a typical 2055 assignment and I would not put an FHA case number on the report.
 
Last edited:

Mark Heitzinger

Freshman Member
Joined
Sep 4, 2008
Professional Status
Certified Residential Appraiser
State
Arizona
The report does not require a case number; however, clearly identify the intended user and intended use. Address the repairs if you are aware of them; however, you were not supposed to be given a copy of the original 1004 --- you are the second appraisal for this program and you do the 2055. I believe the loan decision is based on the lower of the two reports. All of this info is available on the FHA/HUD websites.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
FHA 2055......no such thing.

Mortgagee Letter 2008-09 does allow for the 2055 form. Here is a clip from the mortgagee Letter:

What form must be used for the second appraisal? If the property is a one-unit detached house, the second appraisal may be an exterioronly
appraisal using form Fannie Mae/Freddie Mac 2055
; any repair requirements noted in the original interior-exterior appraisal report must be adhered to if the second appraisal is an exterior-only appraisal. Condominium units including detached site-condominiums; manufactured housing; and 2-4 unit properties are not eligible for exterior-only second appraisals and must be completed on the appropriate appraisal form.

You need to keep up on the mortgagee letters.
 
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