Hud 92541 Form 2021-2024

Hud 92541 Form: What You Should Know

An appraisal must be performed no less than three days prior to the closing date of a new project, and no more than four months prior to the closing date of a conversion. In order to have HUD's stamp and guarantee on the appraisal, a completed HUD-92541, with the Certificate of Completion signed and dated no more than 30 days prior to the closing date of the property for a high ratio loan, is accepted from the builder of the property. However, if a new high ratio loan was obtained during the prior construction period, and the builder was not familiar with HUD regulations (or if the building was not designed or constructed to comply with HUD regulations) the appraisal will be returned for correction (with the required corrections noted by HUD on the document). This may result in the appraiser's stamp and guarantee not being recognized. Appraisal Information required on the form includes:  Name and address of the appraiser or appraiser's representative Date of appraiser's birthday Type of appraisal (appraisal only, commercial, residential, or general property) Date when the appraisal was performed Appraisal of the building and its contents List of components and their condition Assumptions made Information included on the HUD-92541: Date the appraiser completed the appraisal Address of the appraiser and/or appraiser's representative Title of the appraisal(s) Amount paid per unit, including the appraisal fee Form and/or page number of each form in HUD. The Builder s Certification of Plans does not expire until three years from the date the appraisal was performed, or until the new project's completion date as noted on the HUD-92541. An appraisal is not required when the property is located in a new high-density (4 units or more) development or a non-residential lot area. Information on the HUD-92541 must be attached to the HUD-92541 prior to making a loan with HUD. To obtain this information, the appraiser must fill out a form HUD-72538, Mortgage Loan Appraisal Form.  Loan Information A mortgage is required for loans not exceeding 300,000 on high ratio loans.

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