New FHA 4000.1 handbook tidbits –
Publish Date: 03/18/2015 | Effective Date: 06/15/2015
The bulk of the appraisal section starts on pdf page 441 and runs through pdf page 507.
Here are a few tidbits posted online from appraisers who spent the weekend reading it ;>
– The Appraiser must obtain all of the following from the Mortgagee before beginning an appraisal: Any other legal documents contained in the loan file…
– Page 454 on Photos. Front and angle shots of the comps. Hallways on 2-4 units
– Handbook replaces all previous documents, including most Mortgagee Letters.
– Page 447 ii, methamphetamine (meth) contamination
– Page 441: The Appraiser must treat room additions and garage conversions as part of the GLA of the dwelling, provided that the addition or conversion space: …
– Provide 3 year prior sales history for the comps
Will this mean increased time for FHA appraisals? Depends on how much you are doing now. Remember the old VC sheets? They were a hassle!!
My comment: It is not effective until 6/15/15. There will be some webinars, online articles, etc. before that date. I will let you know.
Link to new handbook 4000.1
http://portal.hud.gov/hudportal/documents/huddoc?id=40001HSGH.pdf
For more details from FHA, see last week’s Appraisal Today email newsletter, in the archives, at:
http://archive.constantcontact.com/fs124/1101648677253/archive/1120449851537.html
For more details from FHA, see last week’s Appraisal Today email newsletter, in the archives, at:
http://archive.constantcontact.com/fs124/1101648677253/archive/1120449851537.html
Clarify info on photos: front view of each comp. angle shots “when possible”. Most important change not mentioned: photos of ALL rooms icluding basements, attics & crawlspaces.