On September 18, 2009, HUD announced changes to the validity period of a FHA appraisal.  This announcement was made in Mortgagee Letter 2009-30.  These changes are effective for all FHA case numbers assigned on or after January 1, 2010.

This mortgagee letter announces a change to the validity period for all appraisals used for FHA-insured mortgages.  The validity period for all FHA appraisals on existing and proposed and under construction properties will be reduced to 120 days.  This change is designed to align FHA's requirements pertaining to the validity of an appraisal with current industry practices.

This is a change from the current validity periods of six months for an appraisal of an existing property that is complete, and 12 months for proposed and under construction properties.  The 120 day limit applies to all properties regardless of whether they are existing, proposed, or under construction.

This is one of many recent changes HUD has announced concerning FHA appraisals.

 

It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

Georgia Dream Down Payment Assistance Program Overview/Updates

HomePath Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

Programs Include:

  • Conventional (Fannie Mae & Freddie Mac)
  • HomePath - #1 Volume Retail Lender
  • HomePath Renovation
  • FHA
  • FHA 203K Renovation Loans (Streamline or Consultant)
  • Georgia Dream Down Payment Assistance
  • Jumbo
  • USDA
  • VA
  • Conventional Condo Project Approvals
  • FHA DELRAP / HRAP Condo Project Approvals

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Rodney Mason is a Sr Loan Officer located in Atlanta, GA.  He is also 203K Renovation Loan and HomePath REO Property Specialist.  He can be reached at (404) 591-2453.

Providing financing for cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.


Providing financing for cities across Alabama including: Alabama Port, Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

 

               

NMLS #151088 - Licensed in AL & GA.  HomePath® is a registered trademark of Fannie Mae.

 
This post has been included in Georgia Real Estate News
Post is included in group: FHA 203-k and FHA 203-k Streamline Loan Group
Post is included in group: Georgia Association of REALTORS®
Post is included in group: North Georgia Real Estate
Post is included in group: REO REALTORS
Post is included in group: The FHA Mortgage Group

1 Comments on FHA Appraisal Validity Period Change Effective January 1, 2010

OCT
03
2009

That change just made sense.  In a declining market 120 days is a long time.
1:07pm • #1

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