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FHA Property Guidelines Are Not Understood by Many Mortgage Originators!
I receive FHA appraisal orders from many different people and many different mortgage companies across the country. I know many times these Mortgage Professionals tell me they telephone interview a perspective borrower about their home and after I leave the home it is obvious they have no idea what questions to ask before ordering the FHA appraisal.
I am sometimes told "The house does not sound to be in the best condition," or a similar line. On many occasions the home is just slightly dated and meets all FHa conditions, the originator worried for no real reason and might have scared their borrower away with his/her concerns about the FHA Appraisal. Other occasions, I come to a home with a statement of slight concern and the roof if leaking, the windows are rotted, peeling interior paint, electrical systems not completely functioning, etc...
Allright, I have identified the problem, now I would like to share a solution. FHA Appraisers used to have to use a checklist supplied by HUD for evaluating whether a home meets FHA property standards. These FHA checklists were included in the FHA appraisal. HUD no longer requires or desires these valuation condition forms (VC sheets.) Now FHA appraisers are ... more

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