Real Estate Appraiser Tips » FHA Appraiser Tips

Home Appraisers Video: Some really ExCiTiNg News On The Appraisal Show 11/01/2010

http://realestateappraisertips.info/ — Mon, 01 Nov 2010 16:41:40 +0000

http://www.realestateappraisertips.info/ – Home Appraisers Video: Some really ExCiTiNg News On The Appraisal Show 11/01/2010

Tinna and Bill talk about the New FHA Newsletter, The GAO letter, Picture of the week and a new “Did you know segment”. Click Below To View The Video!

FHA Newsletter!

Also, to access the new FHA Appraisers Newsletter, see below from FHA:

To All FHA Roster Appraisers
October 27, 2010

FHA has published FHA Appraisers Newsletter Fall Issue. Please go to the Appraisers home page at http://www.hud.gov/appraisers to read the newsletter.

According to Dave Towne, “It prints 5 letter size pages, but contains about 2.5 pages of actual written content, plus a cross word puzzle using real estate words.”

Home Appraisers: Why Aren’t There More Refinance Appraisal Orders When Mortgage Rates Are This Low?

http://realestateappraisertips.info/ — Tue, 13 Jul 2010 09:28:16 +0000

http://www.realestateappraisertips.com/ – Home Appraisers: Where Are The Refinance Appraisal Orders When Mortgage Rates Are This Low? Here’s your answer in video below (click below).

REAA News Video for July 5th 2010: FHA Flip Waiver, Refi vs Purchase Appraisals and Should Appraisers Be Reviewing Home Inspection Reports?

http://realestateappraisertips.info/ — Wed, 07 Jul 2010 12:10:27 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips! REAA News Video for July 5th 2010: FHA Flip Waiver, Refi vs Purchase Appraisals and Should Appraisers Be Reviewing Home Inspection Reports?

From REAA News: Bill McKnight and Tinna Morlatt talk about the FHA Flip Waiver and whether or not we should be reviewing home inspection reports. Also, are refi appraisals different than purchase appraisals? Visit REAA CA @ http://www.reaaca.org/

FHA Appraisers: Another Source Of Income Is 203k Loan Appraisal Work

http://realestateappraisertips.info/ — Tue, 15 Jun 2010 10:25:55 +0000

http://www.realestateappraisertips.com/ – FHA Appraisers: Another Source Of Income Is 203k Loan Appraisal Work! Watch This Renovation Loans Video By Real Estate Broker John Jones reminding us of this program.

FHA Home Appraisers: FHA Reform Bill Passed by House

http://realestateappraisertips.info/ — Sat, 12 Jun 2010 03:28:53 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips! FHA Home Appraisers: FHA Reform Bill Passed by House

Real Estate Investors Daily has the details of the Reform Bill Passed by House here, H.R. 5072, the FHA Reform Act of 2010

The primary highlights of the Bill include:

“Highlights of the bill that I think are important to home-buyers are:

1.) The down-payment requirement for FHA loans will remain at 3.5 percent. There was an amendment to the bill that would have increased the down-payment requirement to 5 percent but was defeated, leaving the down-payment requirement at the present 3.5 percent level. The National Association of REALTORS estimated that, if the down-payment was increased to 5 percent, there would be 300,000 potential home-buyers removed from the market as a result.

2.) FHA will lower it’s up-front fee it charges borrowers for FHA mortgage insurance to 1 percent but will increase the annual premium they charge (which is added on to the payment) to 0.85 percent. This will help borrowers by lowering the up-front “out of pocket” expenses they incur, but will help FHA’s financial stability by increasing overall revenue from the premiums.

3.) FHA’s loan limits will be increased for multifamily elevator buildings and in extremely high-cost areas, thus opening up the option of FHA financing in more markets.”

Dave Towne: New HUD Mortgagee Letter-Lead paint

http://realestateappraisertips.info/ — Thu, 20 May 2010 12:38:22 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips! Dave Towne: New HUD Mortgagee Letter-Lead paint

My apology to Dave as I’m late publishing his update as he sent this to me on 5/17/2010. Sorry, I’m so deluged with appraisal orders that I haven’t had much extra time to blog here in the last month.

“FHA Appraisers……

Mortgagee Letter 2010-17 was dated on May 5, 2010, released on 5/17/2010, which changes how defective paint (i.e., lead paint) in homes 1978 or older is reported. This modifies the 4150.2 Handbook.

It also describes how this affects HUD REO properties. See PDF on hud.gov here!.

Dave Towne, Appraiser Education Service”

Home Appraisers Video: More Concerns Over FHA Reserves and FHA Appraiser Education Requirements

http://realestateappraisertips.info/ — Wed, 12 May 2010 09:59:39 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips! Home Appraisers Video: More Concerns Over FHA Reserves and FHA Appraiser Education Requirements

Watch the TBWS Video Now!

Take The TBWS Appraiser Survey!

FHA Appraisers: FHA Property Inspection Checklist Here

http://realestateappraisertips.info/ — Fri, 30 Apr 2010 12:47:06 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips! FHA Appraisers: FHA Property Inspection Checklist Here

The Bigger Pockets Blog has published a helpful FHA Property Inspection Checklist found here!

A portion of the checklist is here:

“Site Hazards and Nuisances

Presence of the following may indicate unacceptable property condition:

Sinkholes
Active or planned gas-drilling within 300 feet
Within 75 feet of operating oil/gas well with no visible mitigation measures
Abandoned oil or gas well within 10 feet
Slush pits
Excessive noise or hazard from heavy traffic area
Dwelling or improvements within 10 feet of easement for high-pressure gas or petroleum line
Dwelling or improvements within fall distance for overhead towers (high-voltage, radio/TV, cell phone etc)
Excessive smoke, fumes, offensive noises or odors
Stationary storage tanks with more than 1000 gallons of flammable or explosive material”

Source: http://www.biggerpockets.com/renewsblog/2010/04/25/fha-property-inspection-checklist/

FHA Home Appraisers: The ABC’s of FHA condo requirements

http://realestateappraisertips.info/ — Fri, 30 Apr 2010 05:45:22 +0000

http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips! FHA Home Appraisers: The ABC’s of FHA condo requirements. The Chicago Tribune News takes a look at the comprehensive condo approval process!

As of Feb. 1, associations with two or more units must be FHA-certified before the agency will back a mortgage. The previous policy of allowing one-time, or “spot approval,” for individual units was rescinded.

While it’s not the FHA home appraiser’s responsibility to determine if a condo project is approved for mortgage lending, it is good to know the actual FHA criteria for an approved condo project.

The article is located here and here are some snippets:

“Among the certification criteria:

–All units and common elements must be completely built.

–No single entity can own more than 10 percent or more than one of the units, whichever is greater.

–At least 50 percent of the units must be owner-occupied.

–No more than 15 percent of the units can be more than 30 days delinquent on assessments.

–No more than 25 percent of the total floor area can be used commercially.

–At least 10 percent of the annual budget must go to reserves.

–The right of first refusal is OK as long as it isn’t used to discriminate.

In addition, associations must submit copies of their budget, insurance policy, declaration and bylaws, plat of survey, any management agreement, analysis of outstanding or pending litigation, and minutes from the last two meetings.

Associations can become certified in one of two ways. The first is to wait for an FHA buyer to come along and let the buyer’s lender do the work. Certain lenders, typically the largest ones, are eligible to certify associations under the Direct Endorsement Lender Review and Approval Process, or DELRAP. The association supplies the necessary documents and information.”

To Read the entire article, visit The ABC’s of FHA condo requirements

Home Appraisers: FHA Volume Dives, But Why?

http://realestateappraisertips.info/ — Tue, 20 Apr 2010 13:06:03 +0000

http://www.realestateappraisertips.info/ – Real Estate Appraiser Tips! Home Appraisers: FHA Volume Dives, But Why?

FHA Mortgage Guide is reporting on a decline in FHA Volume and comtemplates Why!

“The FHA mortgage volume figures will be out shortly but if they follow what happened in February then there should be a lot of head scratching on the home front.

During February, says HUD, there were 165,239 FHA loan applications — that’s down 26.4 percent from 2009. It follows that if loan applications are down then we will shortly see loan endorsements also fall.

It could be that the February numbers came up short because the weather was lousy in much of the country. However, offsetting the issue of blizzards and floods there is the little matter of April 5th — that’s the day when upfront mortgage insurance premiums will rise for all new FHA mortgages from 1.75 percent to 2.25 percent.

Translated into dollars, if you have a $200,000 FHA loan the up-front MIP will increase by $1,000 after April 5th — a very good reason to get an application in now, before FHA loan guidelines change and costs go up.

Or, there could be something else at work here, something which impacts both the FHA and the real estate market in general.”

Read the rest of the article here!