According to HUD Handbook 4000.1, the intended users for an FHA appraisal report are FHA and the mortgagee. FHA appraisals are not a guarantee that the property is free from defects. The appraisal establishes the value of the property for mortgage insurance purposes only. If you are appraising a property that needs some cosmetic repairs but meets FHA minimum property requirements …
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In order to do appraisals for FHA loans (including reverse mortgages and REO properties), you must be listed on the FHA appraiser roster. Below, we’ve provided answers to several common questions regarding how to get on the FHA roster. Whether you’re a new applicant or a former FHA roster appraiser, we hope you find the following information helpful. What are …
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As the COVID-19 situation continues to unfold, users of appraisal services are continuing to issue updated guidance and information to appraisers. Fannie Mae issued an update to Lender Letter 2020-05 on March 31, 2020. For appraisers, probably the most significant revision to their guidance was the removal of the “order of preference” for appraisal types. Formerly, the guidance had stated …
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