New FHA Appraisal Requirements Effective 6/15/2015
May 14, 2015 |
FHA has updated and expanded the Single Family Housing Policy Handbook, which will take effect on June 15, 2015. The handbook is available for download by visiting HUD.gov/Audiences/Appraisers. There are numerous changes and edits to the handbook that directly impact the appraiser’s acceptance, development, and reporting of an FHA appraisal.
Key areas that have been expanded are HUD’s Minimum Property Requirements and Minimum Property Standards, including addition of sections detailing Legal Appraisal Requirements of property, Legal and Land Use Considerations, and On-Site Hazards and Nuisances. The Valuation and Reporting Protocols section has also been revised and includes many new requirements for FHA appraisers.
Watch for a new continuing education course being developed for appraisers and real estate brokerage professionals detailing the new FHA requirements and standards soon!