Loan Application in Process BEFORE the Disaster

Loan Applications in Process BEFORE the Incident Period Dates Of the Disaster Occurrence

 

If appraisal has been performed:

The original appraiser, another licensed appraiser or a licensed real estate professional must perform and complete the (RES 0520) Property Condition Certification.

IF damage is evident, the property must be repaired, re-inspected by an appraiser. The appraiser must complete and provide an Appraisal Update and/or Completion Report – Form 1004D, and certify that there has been no decline in value.

If NO Apprasial Inspection was required PRIOR to the Disaster:

A licensed real estate professional, or another eligible source (i.e., appraiser, general contractor, or home inspector), must perform and complete the (RES 0520) Property Condition Certification, and

If damage is evident, the Inspection Waiver will not be allowed and the minimum level of property fieldwork, as specified on the Austomated Ubnderwriting System Findings, must be obtained.