FHA Program Information There are no special courses required and FHA has eliminated the examination. As a certified appraiser you can be approved to appraise residential properties for FHA financing following the FHA 4150.2 handbook. Caution needs to be exercised though as FHA expects you to be familiar with its inspection requirements and reporting protocols.
FHA requires the use of FNMA's 2005 version of URAR appraisal form and eliminated the use of the Valuation Conditions (VC) form. It has also relaxed some of its underwriting requirements. However, FHA still expects appraisers to conduct a thorough inspection of the property, test systems, report property deficiencies, and render "as repaired" valuations where appropriate.
Don't be misled by simpler approval process or relaxed standards. Read the HUD 4150.2 Handbook and its important Appendix D: Valuation Protocol which explains how to inspect and report using URAR form. You worked hard to gain your appraisal license. Followi ALL the guidelines required when performing an FHA appraisal. Know what FHA expects of you before you accept the assignment.
FHA Appraiser Roster:
Determine your status, find out how to renew your approval and learn how to be placed on FHA roster.
FHA Exam
The FHA national appraiser exam has been been eliminated. The original 50-question multiple choice exam went to a 10-question, essay type, open-book test but that that too has been eliminated. FHA expects Appraisers to be familiar with the language in the Valuation Protocol, Appendix D of Handbook 4150.2. Familiarity with USPAP is assumed due to licensing requirements.
Don't be misled by simpler approval process or relaxed standards. Read the HUD 4150.2 Handbook and its important Appendix D: Valuation Protocol which explains how to inspect and report using URAR form. You worked hard to gain your appraisal license. Followi ALL the guidelines required when performing an FHA appraisal. Know what FHA expects of you before you accept the assignment.
