How beneficial is it to get HUD certified

[jgroves]

Dan,

It just occured to me that you could use Apex Appraisal software for that as well. It is nothing more than a simple CAD program that produces line drawings and any home inspector that is also an appraiser would already have a program handy.

Jamey

[Ashli Norton]

jgroves said not a new, 80hrs, what makes that, who do they consider

[jgroves]

Ashli,

Read our Standards of Practice. The minimum 250 inspections must be to that level, not what the average mortgage field services inspection usually covers. The inspection classes must be from an approved source (such as ITA). They also generally want you to have 3 years of inspection experience. You can always submit an application, but they verify everything. For what they pay, it is just not worth my time, effort and energy.

[gporter]

All this info is confusing.

[jbreazeale]

That's because the government's info is confusing. Basically, there are three types of inspections for which you have to be on HUD's "roster"

1) FHA compliance (used to be VA, too, but VA not longer has this requirement. FHA compliance credentials, 3 yrs experience in construction trades, and licensed, insured home inspector.

2) HUD 203K....This SHOULD be a very popular program, but because of all the gov't BS, hardly anyone takes advantage of it. Were it not for the BS, one could buy a salvage home, move it, put it on a HUD approved new permanent foundation, remodel it, and have a great home for a great price. Lender HATE them, again, for all the BS. Works like REAC, sorta, and the credentials are similar. Unless they have changed it recently, you must have been in business as a licensed inspector for 2 years.

3) The REAC program, someone already stated the minimum requirements.

Of course, as in anything else involving gov't, be prepared to have the dumbest civil servant in the force handling your application. Be prepared to get the runaround. Be prepared to hear that for some odd reason, you don't qualify. Be prepared to have the civil servant serving you to have wagon-rut level reading comprehension so bad that he misinterprets both your level of experience and HUD's requirements. After all that, be prepared to call your congressman, at which time you will be miraculously approved.

Then be prepared to discover there's not much to it, after all. Looking into my admittedly unscientific crystal ball, I can see FHA compliance inspections paying off better IF the FHA loan makes a comback, which, given the current climate, just might happen. Maybe.

[Bruce D. Pinel]

JB, Amen brother!

[John Onofrey]

I agree with Dan B. When I applied about four years ago the HUD person I filed the application with initially rejected the app. I had to get pushy about it and then it was approved.

I have done numerous 203k projects and never had to draw anything. Most clients already had their contractor selected and drawings in hand. I don't do many now, back when I first started them I had three loan officers that specialized in 203k renovations funneling work to me. Those folks have moved on to bigger and better things, so have I. Working 203k loans is a bear and most loan officers prefer lower hanging fruit.

[Jeff Jordan]

Hi, I am responding to this on my husbands message board. I am a real estate lender/broker. With the fall out in the present subprime market the need for FHA and government funded loans is increasing by the day. There are 2 different things you all are discussing... the FHA loan and the 203K rehab loan. The FHA loan does need a certified inspector... this arena is going to pick up the fall out of the subprime market. FHA advises and pushes for an inspection during the borrower counseling. Many lenders internally hold the policy on FHA loans the borrower must have the inspection. The 203K rehab loan requires a certified consultant (who advises the homeowner on what needs to be done in order to bring the home up to HUD standard... complete with estimates, drawings etc. and the inspection) 10 years ago the Government funded 22% of the subprime loans today only 6% a huge loss of money to them. The increase in foreclosures has allowed the government to start putting steps into place to get this marketshare back. The foreclosure increase, (which is going to continue to go up for the next year before it levels off) and rate increases coupled with the changes in lending guidelines and the loss of subprime lenders will leave those of us on my end with no choice but to take our borrowers FHA. Good Luck I think it is a plus.