The FHA 203(b) Loan Program - STM Partners

New Construction, Continued
Architectural
Exhibits/
Properties Not
Complying with
ML 2001-27,
(continued)
Appraiser’s Architectural Exhibits
HUD’s itemization of architectural exhibits includes those listed below.
• plot plan (including dwelling and accessory buildings, finish grade elevations
direction of drainage, location of well and septic, if applicable),
• floor plan (separate foundation plan and plan of each floor and basement, if any),
• kitchen cabinet details,
• electrical layout,
• heat layout (ductwork and location of all vents),
• heat loss calculations,
• cooling system layout,
• exterior elevations (front, side and rear),
• sections (exterior wall sections, stairwells, and stairs),
• fireplace section and elevations, if applicable,
• roof truss details,
• water supply plans and specifications,
• sewage system plans and specifications,
• individual water supply and sewage disposal systems, if applicable, and
• Description of Materials HUD Form 92005.
• Completed Builder's Certification of Plans, Specifications, & Site (form HUD-
92541) signed and dated no more than 30 days prior to the date the appraisal
was ordered.
• all reports and available information (i.e., sales agreement, title report,
environmental reports or studies and inspection reports).
Note: HUD requires that all utilities be turned on and fully functional during a
final inspection otherwise, the property is not considered 100% complete.
• For “under construction” properties that will be insured at 90% LOAN TO VALUE
OR LESS, the lender is to RETAIN a copy of the architectural exhibits in its
origination binder; however, the Builder’s Certification and Builder’s Warranty are
not required.
• For “existing” properties GREATER than one-year old (100% complete) at the
time of the appraisal, architectural exhibits are not required.
Homes 100% Complete Less Than One Year old
• If the home is 100% complete at time of the appraisal and the appraisal is to
serve as the final inspection, the procedures below must be followed. (This
procedure does not apply to manufactured homes.)
Note: Manufactured homes are not eligible for financing through SunTrust
Mortgage.
• The appraisal serves as the final inspection and Form HUD-92051 is not
required.
• The appraiser must notate that the utilities were turned on at the time of
inspection.
Continued on next page
Section 2.22 July 27, 2012
FHA 203(b) Loan Program Page 32 of 217
Correspondent Seller Guide