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8 results for UAD condition ratings C1 C2 C3 C4 C5 C6
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Appendix 2: Condition and Quality Rating Definitions Appendix F-1: URAR Reference Guide Page 348 of 375 Version 1.3 Appendix 2: Condition and Quality Rating Definitions Condition…
UAD 3.6 / URAR (FNMA) · Appendix F-1 URAR Reference Guide v1.3.pdf · Page 348
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Appendix 2: Condition and Quality Rating Definitions Appendix F-1: URAR Reference Guide Page 348 of 375 Version 1.3 Appendix 2: Condition and Quality Rating Definitions Condition Rating Definitions Condition Ratings describe the physical condition of a property as of the effective date of the appraisal on an absolute basis, not on a relative basis or how a property relates to other properties. Condition Rating definitions are used for Overall Condition, Exterior Condition, and Interior Condition. Condition Rating Definitions Rating Condition Rating Definition Criteria C1 The dwelling is 100% newly constructed, completed within the past 12 months, has never been occupied, and exhibits no signs of wear or use. A dwelling in C1 condition: • Has a foundation that must be 100% original to the new construction. • May include non-structural components composed of “like new” recycled materials (e.g., reconditioned or refinished barn wood). • Is a 100% newly constructed dwelling that does not exhibit physical depreciation. C2 The dwelling exhibits like-new condition. It has been recently constructed or entirely remodeled within 36 months prior to the appraisal date, while retaining portions of the pre-existing structure. The dwelling may have been occupied but features no deferred maintenance and requires no repair. A dwelling in C2 condition: • Has been recently constructed (within the past 36 months), and otherwise exhibits virtually no wear and tear, but is no longer new due to occupancy or use (e.g., model home), or • Has been fully remodeled "to the studs" including new major components; a new dwelling built utilizing the footprint or façade of a pre-existing dwelling; or a newly converted condo/co-op in a pre-existing building. C3 The dwelling has been well-maintained and exhibits only minimal wear and tear. The dwelling may exhibit only minor age-related physical depreciation; or, most components, but not every major building component, has been updated or renovated. A dwelling in C3 condition will likely have: • Components or rooms that are older but have been very well maintained or experienced minimal use, and show little or no physical depreciation, or • Major components or rooms that have been recently updated, but which do not constitute a full-home renovation/remodel. Examples of major components include but are not limited to a combination of (one or more): • Newer roof • Some newer mechanicals • New / newer floor coverings • Remodeled kitchen or bathroom(s) C4 The dwelling has been adequately maintained and
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Appraisal Report 11-19 13. Uniform Appraisal Dataset (UAD) Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Definition The UAD improves the…
VA Lenders Handbook (Pamphlet 26-7) · VA-Lender-Handbook.pdf · Page 397
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Appraisal Report 11-19 13. Uniform Appraisal Dataset (UAD) Change Date February 22, 2019 • This Chapter has been revised in its entirety. a. Definition The UAD improves the quality and consistency of appraisal data by defining all fields required on specific appraisal forms and standardizes definitions and responses for a key subset of fields. Regardless of the geographic location of the property or any localized reporting conventions, the UAD standardization includes: • Formats for fields that include dates, values, and other data, • Allowable values from a list of choices provided for certain fields, • Abbreviations to allow more information to fit on printed appraisal forms, and • Ratings and definitions for the “Condition” and “Quality” of the property and “Updated/Remodeled” status. b. UAD- Compliant Forms Appraisals prepared on Fannie Mae Forms 1004, 1073, 1075 or 2055 must be UAD-compliant and must include the definitions for the property condition and quality ratings and the property description abbreviations used. c. VA Requires Closed Sales While the UAD may allow for the use of pending sales in the sales comparison grid, VA requires that only closed sales be used. d. Remodeling Information UAD requires appraisers to provide specific information regarding remodeling in the past 15 years. VA expects fee appraisers to recognize and describe remodeling or updating and to make appropriate adjustments. Fee appraisers should also report UAD information concerning the remodeling if it is available in the “normal course of business” within VA timeliness requirements for completion of the appraisal. e. UAD Condition Ratings Since origination appraisals are prepared “subject to” any repairs needed for the property to meet MPRs, UAD condition ratings of C5 and C6 are not appropriate.
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Level of Updating Description Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion.…
Fannie Mae Selling Guide · Selling Guide - 06-03-2026.pdf · Page 592
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Level of Updating Description Remodeled Significant finish and/or structural changes have been made that increase utility and appeal through complete replacement and/or expansion. A remodeled area reflects fundamental changes that include multiple alterations. These alterations may include some or all of the following: replacement of a major component (cabinet(s), bathtub, or bathroom tile), relocation of plumbing/gas fixtures/appliances, significant structural alterations (relocating walls, and/or the addition of square footage). This would include a complete gutting and rebuild. Appraisals Completed “As Is” Fannie Mae permits appraisals to be based on the “as is” condition of the property provided existing conditions are minor and do not affect the safety, soundness, or structural integrity of the property, and the appraiser’s opinion of value reflects the existence of these conditions. Minor conditions and deferred maintenance are typically due to normal wear and tear from the aging process and the occupancy of the property. While such conditions generally do not rise to the level of a required repair, they must be reported. Examples of minor conditions and deferred maintenance include worn floor finishes or carpet, minor plumbing leaks, holes in window screens, missing handrails, or cracked window glass. Properties with condition ratings C1, C2, C3, C4, and C5 as previously defined are eligible in “as is” condition. Properties with the initial condition rating C6 indicate one or more deficiencies that impact the safety, soundness, or structural integrity of the property. Therefore, the appraisal must be completed "subject to" completion of the deficient item(s) with a minimum resulting condition rating of C5. See Physical Deficiencies That Affect Safety, Soundness, or Structural Integrity of the Subject Property in this topic for additional details when completing appraisals on properties with safety, soundness, or structural integrity deficiencies. Quality of Construction Rating For appraisals required to be completed using the UAD, the appraiser must assign one of the following standardized quality ratings in the table below when identifying the quality of construction for the subject property and comparable sales.
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# What UAD Condition Ratings C1–C6 Actually Mean
Here's what these six ratings describe: C1 is a brand-new house built in the last 12 months that's never been lived in and shows zero wear; C2 is like-new—either recently built or completely remodeled in the last 3 years with no maintenance needed; C3 is well-maintained with only minor wear, maybe some updated components like a newer roof or kitchen; C4 is adequately maintained (the passage cuts off, so we can't complete this one from your excerpts). VA specifically prohibits using C5 and C6 ratings on new appraisals because those properties need repairs to meet their minimum standards; Fannie Mae allows C1 through C5 in "as is" condition but requires C6 properties to be appraised "subject to" repairs, with a minimum result of C5. The key point: these ratings measure the actual physical condition of the house as it exists on the appraisal date—not how it compares to other houses, and not as a guess about the future.
Straight from UAD 3.6/URAR (FNMA), VA Lenders Handbook (Pamphlet 26-7), and Fannie Mae Selling Guide — nothing added.