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VA Refinance Appraisal Miami Fort Lauderdale Florida

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VA Refinance Appraisal Miami Fort Lauderdale Florida

PROPERTY AND APPRAISAL REQUIREMENTS. VA Refinance Appraisal Miami Fort Lauderdale Florida.

VA Refinance Appraisal Miami Fort Lauderdale Florida

VA Refinance Appraisal Miami Fort Lauderdale Florida

Va lenders in Miami Fort Lauderdale Florida must ensure the property to be purchased is eligible for the SFHGLP. The Agency’s minimum property requirements serve to protect the borrower’s interest, minimize the va lender’s loss, and reduce the potential risk to the government in the event of liquidation. It is the va lender’s responsibility to ensure that the property meets the Agency’s standards in Miami Fort Lauderdale Florida.

Before va loan approval in Miami Fort Lauderdale Florida, the va lender must confirm that the property currently meets, or will meet (following planned construction or repairs), all applicable Agency site, dwelling, and environmental requirements in Miami Fort Lauderdale Florida. VA Refinance Appraisal Miami Fort Lauderdale Florida. This is accomplished through determinations made directly by the va lender and the va lender’s review of opinions or determinations made by others, such as appraisers, local building officials, architectural, engineers, or trades professionals.

The va lender must ensure the subject property meets the Agency’s site guidelines in Miami Fort Lauderdale Florida. The site in Miami Fort Lauderdale Florida must be developed according to state or local government standards, which often are contained in zoning ordinances, building codes, subdivision regulations, and/or construction standards. VA Refinance Appraisal Miami Fort Lauderdale Florida. In particular, sites must be in rural areas; meet community standards regarding utilities, including water and wastewater systems; meet street and road access and maintenance requirements, and contain other amenities essential to the continued marketability of the home. This section addresses each of these standards.

The use of the property must comply with zoning and use restrictions. If the existing property does not comply with current zoning regulations in Miami Fort Lauderdale Florida but is accepted by the zoning authority, it is considered a legal nonconforming property. VA Refinance Appraisal Miami Fort Lauderdale Florida. The property is not eligible for an Agency guarantee when the use is not legal in Miami Fort Lauderdale Florida. The appraisal must reflect any adverse effect of the legal nonconforming use on the value and marketability of the property.

The economic life of a property in Miami Fort Lauderdale Florida must meet or exceed the term of the proposed va loan. The appraiser may reject the property if the future economic life of the property is shortened by obvious and compelling pressure to a higher use, making a long-term mortgage impractical. VA Refinance Appraisal Miami Fort Lauderdale Florida.

RURAL AREA DESIGNATION. VA Refinance Appraisal Miami Fort Lauderdale Florida.

Only va loans secured by properties located in areas designated by the Agency in Miami Fort Lauderdale Florida as rural are eligible to receive a va loan guarantee. VA Refinance Appraisal Miami Fort Lauderdale Florida. This section discusses rural areas designations, how va lenders are notified of changes in rural area designations, and clarifies rare situations in which va loans for properties in areas no longer designated as rural may receive a va loan guarantee.

  1. Rural Area Definition in Miami Fort Lauderdale Florida. VA Refinance Appraisal Miami Fort Lauderdale Florida.

An area’s rural designation is determined by the Agency and may be changed as a the result of a periodic review or after the decennial census of population in Miami Fort Lauderdale Florida. VA Refinance Appraisal Miami Fort Lauderdale Florida. The Agency conducts reviews every five years to identify areas that no longer qualify as rural. In areas experiencing rapid growth and in eligible communities within Metropolitan Statistical Areas (MSAs), reviews take place every three years. VA Refinance Appraisal Miami Fort Lauderdale Florida. Public notification will be given at least 30 days before the date of the final determination in order to give interested parties an adequate chance to comment. Refer to section 3550.10 of 7 CFR 3550 and Handbook Chapter 5, Paragraph 5.3 of 7 CFR 3550 for additional information regarding rural area designations.

Notification of Rural Area Designation. VA Refinance Appraisal Miami Fort Lauderdale Florida. The public website noted below provides maps of all ineligible areas in the va lender’s service area when the va lender is approved to participate in the SFHGLP. The Agency will inform va lenders of changes in rural area designations. VA Refinance Appraisal Miami Fort Lauderdale Florida. Users who utilize the public website will receive one of three property eligibility decisions when inputting an actual address – “Eligible,” “Ineligible,” or “Unable to Determine.” In areas not clearly delineated, users will receive an “Unable to Determine.” With this type of determination, the va lender must confirm with Agency staff the property is located in a rural area and eligible for a guarantee prior to requesting an appraisal.

Making Va loans in Areas Changed to Non-rural.  VA Refinance Appraisal Miami Fort Lauderdale Florida.

If an area’s designation changes from rural to nonrural, va loans in Miami Fort Lauderdale Florida that meet the following criteria may be approved in that area:

  • The application and purchase contract was complete, the va loan was underwritten by an approved va lender and a complete application for va loan note guarantee was submitted to the Agency prior to the area designation change. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • Existing conditional commitments that have been issued will be honored provided the commitment was issued prior to the area designation change. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • SFHGLP REO property sales and transfers with assumption may be processed in areas that have changed to non-rural. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • A supplemental va loan may be made in conjunction with a transfer and assumption of a guaranteed va loan. VA Refinance Appraisal Miami Fort Lauderdale Florida.

SITE REQUIREMENTS [7 CFR 3555.201(b)]. VA Refinance Appraisal Miami Fort Lauderdale Florida.

Sites must be modest and developed in accordance with any standards imposed by a State or local government.

Therefore, the va lender must verify that the following requirements are met at the time of application.

  • Site size. The site size must be typical for the area. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • Income-Producing Buildings. The property must not include buildings designed and to be used principally for income-producing purposes. For example, barns, silos, greenhouses, or livestock facilities used primarily for income producing agricultural, farming or commercial enterprise are ineligible. However, barn, silos, livestock facilities or greenhouses no longer in use for a commercial operation, used for storage, and outbuildings such as storage sheds are permitted if they are not used primarily for income producing agricultural, farming or commercial enterprise in Miami Fort Lauderdale Florida. A minimal income-producing activity, such as maintaining a garden that generates a small amount of additional income, does not violate this requirement.

Home-based operations such as childcare, product sales, or craft production that do not require specific features are not restricted. A qualified property must be predominantly residential in use, character and appearance. VA Refinance Appraisal Miami Fort Lauderdale Florida.

  • Income-Producing Land. The site must not have income-producing land that will be used principally for income producing purposes. Vacant land or properties used primarily for agricultural, farming or commercial enterprise are ineligible. Sites that have income-producing characteristics (e.g. large tracts of arable land ready for planting) are considered income-producing property. VA Refinance Appraisal Miami Fort Lauderdale Florida. However maintaining a garden for personal use is not in violation of this requirement. A minimal income-producing activity, such as a garden that could generate a small amount of additional income does not violate this requirement. A qualified property in Miami Fort Lauderdale Florida must be predominantly residential in use, character and appearance.

RESIDENTIAL APPRAISAL REPORTS. VA Refinance Appraisal Miami Fort Lauderdale Florida.

VA Refinance Appraisal Miami Fort Lauderdale Florida

VA Refinance Appraisal Miami Fort Lauderdale Florida

High-quality appraisals that are completed by a qualified appraiser that is independent and objective are key to ensuring adequate security for the proposed va loan, an appraisal of the property serving as security for the proposed va loan will be completed and submitted to the Agency for review. The va lender may pass the cost of the appraisal on to the borrower.

The appraisal must have been completed within 120 days of va loan closing.

  1. Qualified Appraiser. VA Refinance Appraisal Miami Fort Lauderdale Florida.

Approved va lenders are responsible for selecting qualified and competent appraisers that are properly licensed or certified, as appropriate, in the State in which the property is located in, along with the integrity, accuracy, and thoroughness of the appraisals used for the va loan guarantee. VA Refinance Appraisal Miami Fort Lauderdale Florida. The appraiser must comply with the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP). Va lenders may verify that an appraiser is licensed or certified by checking the Appraisal Subcommittee website.

Appraisal Report. VA Refinance Appraisal Miami Fort Lauderdale Florida.

All appraisals must comply with the reporting requirements of USPAP available at www.appraisalfoundation.org. VA Refinance Appraisal Miami Fort Lauderdale Florida. The appraisal report (for existing and proposed construction) must not be more than 120 days old at va loan closing. All appraisal reports in Miami Fort Lauderdale Florida must include a Market Condition Addendum (Form FNMA 1004MC) and will meet the Uniform Appraisal Dataset (UAD) requirements set forth by Fannie Mae and Freddie Mac. To read definitions of the condition and quality ratings, refer to the “Fannie Mae and Freddie Mac Uniform Appraisal Dataset Specification Version 1.2” located online.

The appraisal forms currently applicable are:

  • Uniform Residential Appraisal Report (FNMA Form 1004/FHLMC Form 70) for one-unit single family dwellings; VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • Manufactured Home Appraisal Report and addendum (FNMA Form 1004C/FHLMC Form 70B) for all manufactured homes; VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • Individual Condominium Unit Appraisal Report (FNMA Form 1073/FHLMC Form 465) for all individual condominium units. If the appraiser considers the property to be unique in Miami Fort Lauderdale Florida, has specialized improvements, is new manufactured housing or the client requests a cost approach to be completed, then the residential appraisal will be completed using the sales comparison approach and the cost approach to value. The income approach is only needed if the appraiser determines that it is necessary to develop credible assignment results. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • Appraiser/client confidentiality under USPAP Ethics Rules does not permit the appraiser to discuss the appraisal with anyone other than the client in Miami Fort Lauderdale Florida, without the client’s permission. It is recommended, but not required, that USDA/RD be identified as an intended user with the va lender in the appraisal report obtained. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • The market or sales comparison approach is required in all cases in. Not less than three comparable sales will be used unless the appraiser provides documentation that such comparable sales are not available. The appraiser must use their knowledge, of the area, and apply good judgment in the selection of comparable sales that are the best indicators of value for the subject property. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • For properties considered to be unique in Miami Fort Lauderdale Florida has specialized improvements, new manufactured housing or if requested by the client, the cost approach will be completed.

The appraiser will identify the source of the cost estimates and will comment on the methodology used to estimate depreciation, effective age and remaining economic life. VA Refinance Appraisal Miami Fort Lauderdale Florida.

An appraisal prepared for REO purposes, or for any other purpose other than for a purchase transaction, is not acceptable for a va loan guarantee. A new appraisal with the intent to arrive at an opinion of value for a purchase transaction must be obtained.

Photographs in the appraisal report must be clear and descriptive to be able to identify the property’s condition and quality in Miami Fort Lauderdale Florida. Acceptable photographs include color original images from photographs or electronic images in Miami Fort Lauderdale Florida. Photographs must clearly represent the improvements, any physical deterioration of the property in Miami Fort Lauderdale Florida, amenities, conditions and external influences that may have a material effect on the market value or marketability of the subject property. Va lenders who utilize the Agency’s automated underwriting system, GUS, will upload the appraisal report at the Va lender Upload Document(s) page as an individual document. An appraisal report with interior and exterior inspection of the subject property must include at least the following:

  • A front view of the subject property. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • A rear view of the subject property. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • A street scene identifying the location of the subject property and showing neighboring improvements. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • The kitchen, main living area, bathrooms, bedrooms.
  • Any other rooms representing the overall condition, recent updates, such as restoration, remodeling, and renovation. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • Basement, attic and crawl space. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • Comparable Sales, listings, and/or pending sales utilized in the valuation analysis must include at least a front view of each comparable utilized. VA Refinance Appraisal Miami Fort Lauderdale Florida.
  • Condominium projects should include additional photographs of the common areas and shared amenities. VA Refinance Appraisal Miami Fort Lauderdale Florida.

Appraisal transfer. An appraisal ordered by another va lender for the applicant can be

transferred to the va lender who will complete the purchase transaction. VA Refinance Appraisal Miami Fort Lauderdale Florida. The initial va lender must agree to the transfer of the report in Miami Fort Lauderdale Florida. A letter from the initial va lender who ordered the appraisal report must be retained in the permanent va loan file as evidence the va lender transferred the report to the va lender completing the purchase transaction in Miami Fort Lauderdale Florida. VA Refinance Appraisal Miami Fort Lauderdale Florida. The receiving va lender must assume full responsibility for the integrity, accuracy, and thoroughness of the appraisal report including the methods that the original va lender used to acquire the appraisal. The appraisal report must be no older than 120 days at va loan closing to be valid.

Appraisal updates in Miami Fort Lauderdale Florida. Va lenders may extend the validity period of an appraisal with an appraisal update report that will be no greater than 240 days from the effective date of the initial appraisal report at va loan closing (120 days for the original appraisal plus 120 days for the Appraisal Update Report). VA Refinance Appraisal Miami Fort Lauderdale Florida. Appraisals with no update will be no greater than 150 days from the effective date of the appraisal report at va loan closing (120 days’ validity period plus a 30-day extension period). The 30-day extension period cannot be used when the original appraisal report is updated in Miami Fort Lauderdale Florida. An original appraisal report can be updated one time with an Appraisal Update Report. VA Refinance Appraisal Miami Fort Lauderdale Florida.

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