FHA Policy Changes

Real Estate Broker/Owner with Legacy real estate CA BRE#00886348

Starting Jan. 1, 2010, the Federal Housing Administration will adhere to new credit standards and appraisal guidelines for FHA-insured mortgages.  The new guidelines, which essentially align with HVCC rules, will prohibit the undue influence of appraisers, or the choosing of an appraiser, by mortgage brokers or commission-based lender staff.  In addition, the FHA's appraisal validity period will be reduced to four months for all properties including existing, proposed, and new construction.  The action also provides new guidelines allowing a second appraisal to be ordered in some instances including when a borrower switches lenders.

for more info, go to www.hud.gob/office/adm/hudclips/letters/mortgagee

Charlie Ragonesi - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

Thank you for the post and the link to the web site that gives the information. I will pass this on to my troops. Thanks

Jan 18, 2010 05:19 AM
Kim Dove
Watson Realty Corp - Jacksonville, FL
Realtor - Jacksonville FL

Thanks for the post. Change is happening left and right. Only time will tell if it helps or hinders.

Jan 18, 2010 05:34 AM