News will be breaking soon about yet MORE changes coming out for us to deal with in the wild world of mortgage lending. For one, there will be restrictions on WHO and HOW FHA appraisals are ordered, similar to the restrictions recently imposed by HVCC on conventional appraisals. YUK!
Additionally, the length of time an FHA appraisal is good for is being reduced to 120 days. Previously it was 6 months on existing and 1 year on new construction. Before complaining, though, think about this... IF you believe values are going to increase in your area, that could be a good thing. You won't be stuck with a value that is not represented of current market conditions.
And there's more, but I'll save that for another time once I've sold myself on the previous paragraph about this being a good thing.
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
#LMB100023827, NMLSR# 257576
Equal Housing Opportunity.
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