Saturday , 23 January 2021

minimum property requirements

Cosmetic vs. MPR Repairs: Guidance for FHA Appraisers

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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FHA and VA Issue COVID-19 Appraisal Guidance

Within the last several days, HUD/FHA and VA have both issued updated guidance for appraisers regarding appraisal scope of work and COVID-19. HUD issued Mortgagee Letter 2020-05 on March 27, 2020. On a temporary basis, appraisers are permitted to perform desktop or exterior-only inspection appraisals for FHA loans. This guidance is effective until May 17, 2020, although it may be …

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