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Subject over 25% business use.

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TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Subject is a SFR purchased 2 yrs ago and recently renovate detached garage into a sales office. It exceeds the FHA 25% ratio now the UW comes back with this:

The appraisal would have to indicate that the zoning is residential, represents a legal use of the property, the business address shouldn’t be the property address, same w/ the phone. If it is just that he stores some equipment in the garage and doesn’t conduct business out of it, you should be ok.




It doesn't meet these requirements either, but I'm just curious if an UW can over ride FHA regs.

TC
 
The UW can, but the appraiser cannot. The appraiser just has to report what is there and nothing else. Let the UW make a decission if they will accept it or not. It is what it is!
 
I agree, just curious as to how many appraisers have seen the UW waiving FHA conditions.

TC
 
The phrase "you should be OK" is one for the ages that I hear often enough--like I care if I'm "OK" in their opinion...
 
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