Effective September 14, 2015, HUD Handbook 4000.1 (“HUD 4000.1”) contains numerous updates for appraisers to note on appraisals. There are hundreds of changes, and Maple Tree Funding has put together some of these changes to help our clients and realtor colleagues be ready for them.
This blog post is just a summary, and is in no way inclusive of all of the changes. This post includes changes to the 4000.1 which will have the greatest impact on the appraisal inspection, appraisal writing, and the use of the appraisal as a risk assessment tool for HUD/FHA.
The Full Handbook with the entire list of changes can be found here: http://portal.hud.gov/hudportal/documents/huddoc?id=40001HSGH.pdf
(Please note, this is a very large file with over 850 pages and may take some time to open)
Some of the changes we have noticed are as follows:
These are just a few of the changes that will be required during the appraisal process.
If you are purchasing or refinancing a home and would like more information regarding the requirements of an appraisal, whether it be a Government Home Loan (FHA, USDA, VA) or a Conventional Loan, Maple Tree Funding can help! Our team of experienced mortgage loan originators are more than happy to answer your questions about the home appraisal process, and can provide you with the information you are looking for about your mortgage and home loan options.
Contact us today by calling (518) 782-1202 or filling out our online contact form to start the conversation with one of our licensed mortgage loan originators. We’d love to help you make your dream of homeownership a reality!