Which form?

[Blue1]

what form do I use for an FHA Condo assignment? Can I use the Fannie Mae condo form (1073)? Or do I have to use the 1004?

 

[rtubbs]

Yes. See the Homeownership Center Reference Guide (page 1-32). The FNMA 1073 may be used instead of the URAR. You have your choice.

 

[Ben Vukicevich SRA]

Blue,

Ron is correct.

Why mess with the FNMA Condo form. You don't get paid extra for it and that is the whole purpose of FHA approving condo projects anyway-they do all the non-sense, non-appraisal work for you like the project info.

Use the URAR, put the approved FHA number in and let it go. I hate chasing down management agents to get the number of phases, the number of units, the number of rentals, etc....you know the routine.

Ben

 

[Larry Lyke]

Ben --

When you do have to do a 1073, you can get all that information for free and almost pain free from the loan processor. She orders it and has to pay for it, usually.

 

[Ben Vukicevich SRA]

L,

Not mine. They usually have the same hard time contacting the management agents for the info as I do. Since they need it in writing, it usually takes them longer to get it. I take the verbal junk from the management agent and throw it on the 1073 form so it can go to underwriting ASAP.

But not for FHA's. Condos go on the URAR as I'm a lazy guy.

Ben

 

[Larry Lyke]

Ben --

I'm talking about when you have to use the 1073 for a "real condo."

The info is so hard to get, my processors mail the letter with a check the day after loan application.

I also put a follow-up comment on the appraisal order confirmation for the processor to fax it to me. One more thing for the processor to do. It works very good. [Very well?]

Shhhhh... I've got the processor trained so that I no longer have to call and they know that I can't submit the appraisal without that information.

You're not lazy.

 

[Blue1]

Thanks to all of you. I appeciate your advice. I already have all the info I need and put it on the Condo form. Isn't a Condo form a "limited" appraisal? (no Cost Approach)

 

[Pamela Crowley (Florida)]

Personally, I don't think of the Cost Approach as significant for a condo unit and don't call it a Limited Appraisal without it. Looking forward to the words of wisdom from more experienced appraisers here.

 

[Larry Lyke]

How're you going to cost a condo. You don't have access to any even potentially reliable cost information. So much of a part of a condo is the common areas. That's the reason the repro cost section is missing from the form.

 

[Farm Gal]

Bruce:

You can exclude any inapplicable approaches and still have a Complete Appraisal. You merely need to state WHY you excluded an approach:

For example: excluding the income approach is common on a "Single family owner occupied and not likely to be investor purchased homes".

The income approach was considered, but not developed due inapplicability. The subject property type and location is not within the range of properties considered by investors at the present time.

You only get into Limited Appraisals when you provide less than what would typically be provided in developing a report. A limited appraisal invokes the departure rule....

A Complete Appraisal Report includes compliance with all binding requirements and all relevent data and research is performed as per the specific requirements. Eplaining that an approach is not relevent is the key. If another competent appraiser would agree that the ommission of one or more approaches does not affect the credibility of the report you are still in compliance in doing a complete appraisal with only one approach.

If anyone wants homework, I will post the entire laundry list of USPAP pages and AOs supporting the above. - too lazy to look it up right now