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HOMEOWNERSHIP CENTER - page 7 / 37

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PROPERTY ELIGIBILITY REFERENCES

Basic Eligibility Requirements -  The primary references for single family properties, one to four units are:

1.  HUD Handbooks

2.  Code of Federal Regulations,  Title 24, (24CFR)  Codifies the general and permanent rules of the Department.

3.  Mortgagee Letters - Typically reflect interpretation, clarification, changes and additions to policies produced since the last printing of a HUD Handbook.  

4.  To order or view handbooks, forms, Mortgagee Letters, etc. on line refer to the section of this manual titled “HUD/FHA On The Internet”

5.

To locate HUD/FHA Offices and online services see the section of this manual titled “HUD/FHA On The Internet”

GROSS RENT MULTIPLIER

Gross Rent Multiplier (GRM) - When using the URAR for three and four unit properties the appraiser is to complete the Gross Rent Multiplier calculations and analysis. GRM Form and GRM Sample. See HUD Handbook 4150.2, “Income Approach”.

APPRAISING REFINANCES

To access information quickly click on one of the following:

A.  Refinance

B.  Streamline Refinance

Appraising Refinances - Definitions of both Refinances and Streamline Refinances can be found in HUD Handbook 4155.1 REV-4 CHG 1, Chapter 1, Section 4.

A.

Refinance - A standard requires a complete appraisal with repair conditions, while a streamline refinance may be insured with or without an appraisal.  The Valuation Condition (VC) form and the Homebuyer Summary apply to refinances from conventional financing and on cash-out FHA to FHA refinances.  Lenders must ensure that the appraiser is fully informed on the type of appraisal that is being ordered.  Appraisers may routinely wish to complete both the VC form and the Homebuyer Summary.

B.  Streamline Refinance - Streamline refinances are designed to lower the monthly principal and interest payments on a CURRENT FHA-insured mortgage and must involve no cash back to the borrower except for minor adjustments at closing not to exceed

Copy Printed: REVISION  I

   02/16/023       Revision Effective:  05-30-00

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