X hits on this document

Word document

HOMEOWNERSHIP CENTER - page 9 / 37

106 views

0 shares

0 downloads

0 comments

9 / 37

C.  Appraisal Forms   Appraisal written on the Uniform Residential Appraisal Report  form (URAR), the Federal National Mortgage Association’s (FNMA) Individual Condominium Unit Appraisal Report form, or FNMA’s Small Residential Income Property Appraisal Report form are acceptable to the Department.  Currently, only these forms are acceptable for FHA cases.  Other FNMA appraisal forms which are used for streamlined appraisal or a qualitative sales comparison analysis are not acceptable at this time.  Mortgagee Letter 97-22.

EXPIRATION OF APPRAISALS

FHA appraisals on existing properties over one (1) year old are valid for six (6) months with no extension period.  

Proposed construction, under construction, and existing properties (less than one (1) year old) is valid for twelve (12) months.  A 12 month extension may be granted for lots on which construction began prior to the previous expiration.  

Appraisals on Section 203(k) loans are valid for a period of twelve (12) months.

Master Appraisal Reports (MARS) are valid for 12 months.  These may be extended up to 12 (twelve) additional months for lots on which construction has started.  Requests for extensions must be received by the underwriter prior to the commitment expiration date.  There is no grace period allowed for this type of extension.  The appraisal and value of alternates must be updated prior to the extension being granted.  

The date of the appraisal is the date the property was inspected by the appraiser.  Validity period runs from that date.

For information on the extension of the Firm Commitment visit HUD Handbook 4000.2.

APPRAISER LICENSE RENEWAL & UPDATES

To be eligible for placement on the FHA Roster of Appraisers, and thus be eligible for selection by a lender to appraise a property that will be security for FHA insured mortgage financing, an appraiser must:

- be State licensed or certified in accordance with the minimum licensing criteria

established by the Appraiser Qualifications Board of the Appraisal Foundation,

- not be listed on either the General Services Administration’s Suspension and

Debarment List, HUD’s Limited Denial of Participation (LDP) List, or HUD’s Credit Alert

Interactive Voice Response System (CAIVRS), and

- pass a HUD/FHA examination on appraisal methods and reporting.   

Copy Printed: REVISION  I

   02/16/025       Revision Effective:  05-30-00

Document info
Document views106
Page views106
Page last viewedThu Dec 08 08:57:12 UTC 2016
Pages37
Paragraphs887
Words13450

Comments