FHA Appraisal Requirements by Property Type PDF
Preview FHA Appraisal Requirements by Property Type
On Behalf of HUD & FHA Welcome to our session on FHA Appraisal Requirements – Property Types 1 Your Instructor Rosemary Bender 2 FHA Subject Matter Expert Welcome to our guest from FHA who will be responding to questions and offering additional guidance during today’s webinar. 3 Polling Questions • How long have you been in the mortgage industry? • How long have you been working with FHA mortgage loans? 4 Course Objectives • Identify FHA Appraiser and Appraisal Requirements • Discuss Appraisal Conditions • Define Minimum Property Requirements (MPR) and Minimum Property Standards (MPS) • Review Appraisal Protocol • Discuss Home Inspections • Explain Property Types allowed by FHA 5 Course Overview • Appraisers • Property Types • 2 to 4 Unit Properties • Appraisal Overview • Condominiums – Home Inspections • Condominium – Appraisal Portability Approval – Well and Septic systems • Mixed Use Properties • Appraisal Conditions • Manufactured Homes – MPR and MPS • New Construction – Minor Property Deficiencies – Major Property Deficiencies – Additional Inspection and Testing – Repair and Escrow Holdbacks 6 FHA Appraiser • Roster Appraiser Requirements • Roster Appraiser Responsibilities • Appraisal Signature Guidance 7 Roster Appraiser Requirements • Be a state-certified Appraiser with credentials based on the minimum certification criteria issued by the Appraiser Qualifications Board (AQB) of the Appraisal Foundation AND • Not be listed on SAM's Excluded Parties List System (EPLS), HUD's Limited Denial of Participation (LDP) list, or HUD's Credit Alert Verification Reporting System (CAIVRS) 8 Roster Appraiser Responsibilities Must be familiar with FHA Policies and Procedures: • Review handbooks, mortgagee letters, etc. • Keep contact information updated via FHA Connection • Subscribe to FHA roster appraisers e-mail list • Know where to find answers on FHA roster Appraiser web page Source: http://portal.hud.gov/hudportal/HUD?src=/groups/appraisers 9 Valuation Protocol Scope of Work Appraiser must inspect: • The Subject • The Neighborhood • Comparables 10
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