Important notice to all appraisers:

On September 10, 1999, The Department of Housing and Urban Development (HUD) began requiring appraisers to complete the newly revised four page Valuation Condition (VC) checklist. Click here to read the new notice about the implementation of this new form. Also read mortgagee letter 99-29, Clarifications Regarding the Homebuyer Protection Plan.

About appraisers and appraisals

An Appraisal is an estimate of the value of a property, made by a qualified professional called an Appraiser. Appraisers qualifications vary. Homebuyers may obtain a copy of the appraisal by submitting a written request, within a few days of the appraisal, to the lender. The FHA lender is responsible to monitor the quality of any appraisal used for HUD-FHA mortgage insurance purposes. All HUD Roster appraisers are state licensed or certified. In general terms, the state licensing body and the lender are responsable to ensure quality appraisals are being performed. A HUD-FHA approved lender can assist you in selecting an appraiser qualified to appraise real property for FHA mortgage insurance purposes.

If your property is being purchased with 203(k) Rehabilitation Mortgage financing, be sure your appraiser has experience with the 203(k) Program. Appraisals are not home inspection reports and are performed for mortgage insurance purposes only. Please read this important message on the Importance of Home Inspections.

The HUD Real Estate Assessment Center (REAC) has issued a revised HUD Handbook 4150.2 for appraisers. Please visit the REAC homepage to learn about the important role appraisers play in HUD's Homebuyer Protection Initiative.