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fha appraisal in missouri: Borrowers Feel Hurt by New FHA Appraisal Requirements! - 01/30/09 09:34 PM
After talking to several mortgage professionals within the past few weeks, I am convinced that the result of the new appraisal requirements for cash out refinance transactions means less overall appraisal orders.
How can a new underwriting guideline that requires more appraisals cause less appraisal orders? Well now mortgage originators must either consider the cost of paying for two appraisals when accepting a high loan to value ratio cash out mortgage application or bill the borrower for two appraisal reports. That is expensive and a gamble with alot of money in fees. FHA appraisal fees are typically higher than the conventional … (3 comments)
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fha appraisal in missouri: FHA To Now Requires Second Appraisals for Many Cash Out Refinances! - 01/02/09 10:00 PM
THE 2055 FHA APPRAISAL REPORT (FOR SECOND APPRAISAL REPORTS!)
The FHA Appraisal is now required to be performed by two seperate appraisers on many cashout FHA refinances. While this could be a hardship to some borrowers as payment for such FHA appraisal reports can be expensive. Loans insured by FHA mortgage insurance that are cash out refinances now require two FHA seperate appraisals. A second appraisal may be performed on am 2055 appraisal form (FHA Driveby Appraisal)
This appears to be another step in HUD trying to keep the FHA mortgage process from falling into trouble. Overall this could be less risk for … (5 comments)
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fha appraisal in missouri: Can A Home Buyer Use a FHA Appraisal Instead of A Home Inspection? - 12/20/08 09:39 PM
I have wrote in the past about the detail of an FHA observation. The FHA appraisal process requires a detailed observation of mechanical systems, (My personal favorite is the reverse feature on an automatic garage door opener.) attic, crawl spaces, electric fixtures, plumbing fixtures, paint surfaces, wood surfaces, safety concerns, etc.. This observation is not meant to be and is not the same as an inspection of these same systems within the home.
We have a significant difference between the detailed inspection made by a Home Inspector and the observation of a FHA Appraiser. The FHA Appraiser has a purpose of determining an … (9 comments)
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fha appraisal in missouri: Everybody Appears Just a Little Nervous These Days! - 07/01/08 02:13 PM
Yesterday I set an appraisal appointment with a listing agent. This was an FHA appraisal assignment of a very cute and well maintained home that was purchased two years prior with FHA financing.
She was very pleasant and accomodated my request for entry into the home. I asked for an appointment that day, however we agreed on me observing the home the next morning. I reviewed the listing on the multiple listing service and selected comparable sales that might be good sales, these were homes that were also in good condition.
Later on that last night I got a phone call … (13 comments)
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James Graner
Saint Charles,
MO
More about me…
Residential Services: http://appraisalmo.com
Address: 1245 Cunningham Ave, St Charles, MO, 63301
Office Phone: (636) 916-4325
Cell Phone: (314) 277-3336
Email Me
Things that I like to write about! This might include general real estate matters, sports, politics, mortgage business, or real estate appraisal.
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