When the property securing the mortgage is new or proposed construction, the appraisal may be based on either plans and specifications or an existing model home.
A certification of completion must be obtained to verify the work was completed and must:
- be completed by the appraiser,
- state that the improvements were completed in accordance with the requirements and conditions in the original appraisal report, and
- be accompanied by photographs of the completed improvements.
For additional information, see B4-1.2-03, Requirements for Postponed Improvements.