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loan application is initiated.  (Also see section titled “Hazards and Nuisances”)

b.

 Properties located in Accident Potential Zone I at military airfields may be eligible.  See HUD Handbook 4150.2, Section 2-2 for details.  

B.

Railroad Tracks and Other High Noise Sources -  

1.

New Construction (The definition of new construction includes proposed, under construction and less than one year old.) -

Appraisers and builders are to pay particular attention to Item 1.b. “Noise” on form HUD-92541, Builder’s Certification of Plans, Specifications & Site.

2.

Existing Construction (over 1 year of age) - Noise exposure by itself will not necessarily result in the rejection of the property for FHA financing.  Marketability factors should be considered.

3.  For all single family dwellings FHA does not require noise assessment or acoustical  

analysis.  HUD no longer have noise requirements (Ldn/dba) for single family dwellings, this

does not include condominium projects.

C.

Flood Zones and Insurance - General Requirements can be found in:  Mortgagee Letter 90-16 (existing properties over 1 year old), HUD Handbook 4150.1, REV-1, Section 4-23, HUD Handbook 4150.2 Section 2-2 and Mortgagee Letter 99-34 for new construction (not applicable to condominium projects).

Appraisers are required to verify whether the subject property is located in a designated flood zone and indicate the designation on the appraisal form.

D.

Lead-Based Paint Surfaces - HUD Handbook 4150.2, Section 3-6A.17 , Mortgagee Letter 96-67 and Mortgagee Letter 00-01.

1.

General Requirements - For all properties built before January 1, 1978, the appraiser must inspect ALL interior and exterior surfaces, such as walls, stairs, deck, porch, railing, eaves, windows, doors, fences, detached garages and other outbuildings and appurtenant structures for defective paint surfaces (i.e. chipping, peeling or flaking paint).  

2.

For condominium units, the appraiser needs to inspect the interior of the unit and exterior surfaces and appurtenant structures of the specific unit being appraised.

3.

Refinances with an appraisal are also subject to this inspection and abatement procedure.

4.

Properties built between 1950 and 1978 that involve a VA-CRV must be inspected for lead based paint.  HUD Handbook 4150.1, Rev-1, 5-14.D.  

E.

Radon - Currently, HUD does not require radon testing of homes that are being insured under the FHA mortgage insurance program.  

F.    Overhead High Voltage Transmission Towers & Lines -  The appraiser must indicate whether the dwelling or related property improvements is located within the easement serving a high-voltage transmission line, radio/TV transmission tower, cell phone tower, microwave relay dish or tower, or satellite dish (radio, TV cable, etc).  If the dwelling or related property improvements is located within such an easement, the DE Underwriter must obtain a letter from the owner or operator of the tower indicating that the dwelling and its related property improvements are not located within the tower’s (engineered) fall distance in order to waive this requirement.

Copy Printed: REVISION  I

   02/16/0218       Revision Effective:  05-30-00

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