The appraisal process involves the valuation of a property by trained, authorized appraisers according to property features, comparisons to similar properties, and other factors. Most HUD multifamily loans, including HUD 221(d)(4) loans, HUD 223(f) loans, and HUD 232 loans, require full appraisals as a part of the loan application process. However, HUD 223(a)(7) loans do not.
