- Effective date
- Individual water purification systems
We covered the issue of appliances in a previous article. In this article, we will address the other two issues: effective date and water purification systems.
Section II D 1 A of the Handbook states that the effective date of the FHA appraisal cannot be prior to the FHA case number assignment date unless “the Mortgagee certifies that the appraisal was ordered for conventional lending or government-guaranteed loan purposes and was performed pursuant to FHA guidelines.” The Handbook further states that if the previous appraisal was completed for a conventional or government-guaranteed loan, the FHA appraisal request is considered a new assignment. The appraisal report must indicate that the intended use is “solely to assist FHA in assessing the risk of the Property securing the FHA-insured Mortgage.” FHA and the mortgagee (lender) must be indicated as the intended users of the appraisal report.