Posted on: 02nd Sep, 2009 05:13 pm
am trying to upgrde to a singlr fam alrady have renter set up for my unit ina multifamily trying to get an fha loan for 2 mnths received a a conditional approval provide everything they ask for was told ready for closing then was told not ready lender have to do a departure appraisal on my multifamily very dissapointed dont have any equity dont thinkwhat isthis departure appraisal for ? not satisified with explaination from loa
Hi pnuke!
Welcome to forums!
As far as I know, departure appraisal is a provision which authorizes the appraisers to depart from certain aspects of the standard appraisal norms as long as the resulting appraisal is not misleading. I would suggest you to contact your lender and ask him to explain the whole thing in details.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, departure appraisal is a provision which authorizes the appraisers to depart from certain aspects of the standard appraisal norms as long as the resulting appraisal is not misleading. I would suggest you to contact your lender and ask him to explain the whole thing in details.
Feel free to ask if you've further queries.
Sussane
Sussane,
The departure provision was removed a few years ago and it was replaced by the scope of work provision. But I don't think that is what the poster is asking about. The poster is buying a new property and planning to rent the old multifamily property. The lender is probably asking for an appraisal on the old property for asset verification or for market rent to determine potential income.
The departure provision was removed a few years ago and it was replaced by the scope of work provision. But I don't think that is what the poster is asking about. The poster is buying a new property and planning to rent the old multifamily property. The lender is probably asking for an appraisal on the old property for asset verification or for market rent to determine potential income.
you are correct, ben. i believe i already answered this poster's question elsewhere, though:
http://www.mortgagefit.com/loantalk/fha-approval-1.html#118234
http://www.mortgagefit.com/loantalk/fha-approval-1.html#118234
