Jonathan Nordquist has been on the FHA Roster of approved residential appraisers since 2008. He's qualified and approved to do appraisals for FHA insured loans.
Jon has completed many FHA training courses and understands the Appraisal and Property Requirements in FHA's guidance and policy documents.
All appraisal reports are analyzed by our "Quality Assurance" program, prior to delivery, to minimize client call-backs and report corrections.
If you're in need of an appraisal for an FHA loan, please contact us. We'll be able to help you right away.
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. .
In Sept. 2005, the Federal Housing Administration (FHA) issued Mortgagee Letter 2005-34 , which announced the adoption of four of Fannie Mae's revised appraisal reporting forms as well as the release of the 139 page Revised Appendix D of Handbook 4150.2, CHG-1.
FHA has shifted from its historical emphasis on the repair of minor propertydeficiencies and now only requires repairs for those property conditions that rise above the level of cosmetic defects, minor defects or normal wear and tear.
That's an IMPORTANT change for BOTH lenders and appraisers to be aware of. It's easy for both of us to keep doing business-as-usual which will ultimately result in confusion and delay the processing of the loan.
Lenders should use professional judgment and rely upon prudent underwriting practices in determining when a property condition poses a threat to the SAFETY of an occupant and/or jeopardizes the SOUNDNESS and STRUCTURAL integrity of the property, such that additional inspections and/or repairs are necessary.