Pictures for a 2055 FHA appraisal

[jmedina]

Hello fellow appraisers:

Got another question here. Is there any special pictures we need to take when completing a 2055 FHA appraisal other than the front of the exterior and street scene. First time I have ever completed a 2055 FHA appraisal. Any advice would be greatly appreciated.

 

[Clint VanNest]

How can you tell if the Subject met HUD/FHAs Minimum Property Requirements for ensuring the soundness and structural integrity of the property, the safety and health of the occupants, the security and the marketability of the property from a drive-by? Also, I don't believe you can comply with 2005-48 mortgagee letter appraisal protocol for inspection. I have never heard of an FHA 2055.

 

[RSW]

How can you tell if the Subject met HUD/FHAs Minimum Property Requirements for ensuring the soundness and structural integrity of the property, the safety and health of the occupants, the security and the marketability of the property from a drive-by? Also, I don't believe you can comply with 2005-48 mortgagee letter appraisal protocol for inspection. I have never heard of an FHA 2055.

Mortgagee letter 2008-09 says a second appraisal can be ordered if:

The loan amount, excluding the upfront mortgage insurance premium, will exceed $417,000, and
· The LTV1, excluding upfront MIP, equals or exceeds 95%, and
· The property is determined as being in a declining market.

This can be completed as a 2055.

I would think that the second appraiser would at least need to have page one of the original appraisal report and any comments about the condition fo the subject property in order to complete the 2055. EAs would be required in doing the 2055.

 

[Mike Boyd]

I just did a 2055 FHA report as a 2nd appraisal. I was emailed the complete original report although I only asked for the 1st page. I stated in my report that my data source was public records AND a complete summary report by another appraiser.