HUD recently released a new handbook - HUD 4155.2, Lender’s Guide to the Single Family Mortgage Insurance Process.

Click here or the link below to view handbook. Pay particular attention to Chapter 4 - Property Valuation and Appraisals.

The new FHA (Federal Housing Administration) portal contains the online version of the new Information Mapped Handbooks as well as links to corresponding forms and resources on the HUD (Housing and Urban Development) website.

The online 4155.1 and 4155.2 handbooks incorporate and consolidate guidance from Handbooks 4155.1 REV5, 4000.2 REV-3, 4000.4 REV-1, 4165.1 REV-2 and related Mortgagee Letters through ML 08-39. Although these Handbooks are available for informational purposes only at this time, you are encouraged to become familiar with how to use them.

Lots of good info for FHA appraisers.

I recommend you take the time to print out this Chapter or place it on your Internet favorite list.

http://www.fhaoutreach.gov/FHAHandbook/prod/contents.asp?address=4155-2 

Source: http://www.ICAPweb.com