fha: appraiser information
|
|
fha: appraiser information |
           |
|
|
|||
|
|||||
| HUD SECRETARY CUOMO ANNOUNCES A NEW
INITIATIVE TO PROTECT CONSUMERS FROM BUYING HUD-INSURED HOMES WITH UNDETECTED DEFECTS: WASHINGTON
– In a move to protect consumers from
buying homes with major undetected defects, Housing and Urban Development Secretary Andrew
Cuomo announced on June 10th, 1999, a Homebuyer Protection Initiative to
improve home appraisals for over 1 million families who purchase homes each year with HUD
insured mortgages. Click here to read
all about it!. HUD's Real Estate
Assessment Center (REAC) plays an important role in the Homebuyer
Protection Initiative. Visit the REAC
homepage to learn more. Read the most frequently asked questions about the homebuyer
protection initiative by clicking
here.Important notice to all appraisers:
Effective November 8, 1999, all
questions referring to the revised Handbook (4150.2) and related forms should be directed
to the REAC’s Customer Service Help Desk (CSHD). Also visit our appraisal reform
Frequently Asked Questions which are located at: http://www.hud.gov/fha/sfh/buying/protect.html
The phone number for the CSHD is 1-888-245-4860. Questions may also be
faxed to: 202-708-1840. If you wish to e-mail a question, the e-mail
address is: http://www.hud.gov/reac/xbusiness.html
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 (form HUD-92564-VC). 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. The FHA appraisal is not a warranty or guarantee about the condition of your home. However the FHA appraiser may impose repair conditions as a condition for mortgage insurance. Be sure to have a qualified home inspector or engineer inspect the property you want to buy before you sign a contract of sale. Return
to www.hud.gov | Return to SAHOC Homepage | Homeownership Centers |
