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Usda To FHA

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bdiewald

Sophomore Member
Joined
Oct 16, 2009
Professional Status
Certified Residential Appraiser
State
Illinois
Client ordered USDA appraisal. A week after the appraisal was submitted the same client told me it has been changed to FHA and they need the case number added. I saw an older thread concerning the issue but wanted some more recent feedback and guidance. Thanks in advance.
 

Marty Boone

Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Cost approach is now only required at the lender's request, other than that it shouldn't be an issue as long as you did the inspection per FHA / USDA guidelines. There are exceptions permitted for the inspection date to be prior to the date that the case number has been assigned. The main issue is when the assignment is engaged as a conventional and then changed to FHA, when this is happens it is up to the appraiser to determine whether they inspected the property to FHA guidelines. Personally, I never do an FHA inspection when I am not required to do so and with that being the case I will always request that a new order be assigned. I offer a discount on the new order, not too much, but enough to get the new order because..... well just because I've already done the work and they dropped the ball.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Check USPAP on the Order Change / New Assignment
 

bdiewald

Sophomore Member
Joined
Oct 16, 2009
Professional Status
Certified Residential Appraiser
State
Illinois
Cost approach is now only required at the lender's request, other than that it shouldn't be an issue as long as you did the inspection per FHA / USDA guidelines. There are exceptions permitted for the inspection date to be prior to the date that the case number has been assigned. The main issue is when the assignment is engaged as a conventional and then changed to FHA, when this is happens it is up to the appraiser to determine whether they inspected the property to FHA guidelines. Personally, I never do an FHA inspection when I am not required to do so and with that being the case I will always request that a new order be assigned. I offer a discount on the new order, not too much, but enough to get the new order because..... well just because I've already done the work and they dropped the ball.
I performed the USDA inspection the same as I would for FHA. I guess my real concern is the FHA case number assigned after the effective date of my appraisal. I take it my solution is a new assignment, with new effective date?
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I performed the USDA inspection the same as I would for FHA. I guess my real concern is the FHA case number assigned after the effective date of my appraisal. I take it my solution is a new assignment, with new effective date?

That is allowed per HUD/FHA as long as the Lender can show evidence the original appraisal report was ordered before the FHA case # was assigned. Look into some of the old Mortgagee Letters in 2009.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
New assignment in any event
 
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