Appraisers work hard for the money they earn. A typical appraisal comprises many pages, with lengthy narratives about the subjective property, and three other similar properties that were used to support the value of the subject property.
New FHA rules for appraisals will dump a ton more work squarely on the backs of overworked appraisers. I suspect the cost of an FHA appraisal will rise in response to the increased workload heaped on appraisers.
Don't get me wrong. FHA home financing is one of the best home loans in the market today. FHA gives you a low 3.5% down payment, resonable qualifying ratios for income and debt, and sensible underwriting rules.
FHA home loans have been the most popular loans for first time buyers for decades.
If you want to buy a home with a low down payment, and low monthly payments, call me now at 703-677-1120 or send an email to me through my website, www.ErickAndCompany.com to find out how much home you can afford. You may be shocked to find out how much buying power you have with today's super-low interest rates.
You may not want to spend all for which you qualify; That's a good thing. You may qualify for a $600,000 home loan, but you don't want to spend more than $450,000. That's good. Find out what your buying power can be by calling me at 703-677-1120 or send an email to me at my website, www.ErickAndCompany.com.