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Purchase case: Adjusted Value is the lesser of the (a) Sales Price less Inducements to Purchase plus Borrower Paid Appraiser Required Repairs or (b) Appraised Value. |
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Refinance case; property acquired by the borrower within 12 months of Case Number Assignment date: Adjusted Value is the lesser of the (a) original Sales Price plus any documented improvements made subsequent to the purchase or (b) Appraised Value. |
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Refinance case; property acquired by the borrower within 12 months of Case Number Assignment date by inheritance or through a family member's gift: Same calculation used for properties purchased 12 months or greater than the Case Number Assignment date. |
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Refinance case; property acquired by borrower greater than or equal to 12 months prior to the Case Number Assignment date: Adjusted Value is the Appraised Value. |
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Streamline refinance case: Appraised Value of the prior FHA-insured mortgage. |
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HUD REO case: If there is no appraisal, the Adjusted Value is the Sales Price. Otherwise, Adjusted Value is the lesser of the (a) Sales Price or (b) Appraised Value. |
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Any Weatherization Amount is included in the computation of the Adjusted Value. |