Blogging About Loans: Watch out! January 2010 is bringing more bad news.

An office of elite mortgage lending professionals with a common interest and goal focused on providing customer service that exceeds expectation. Thereby building our business from repeat and referral opportunities. Ruth Vogt. LMB 100023827. NMLS 257576. Regulated by the Division of Real Estate. Fairway Independent Mortgage is an Equal Housing Opportunity.

Watch out! January 2010 is bringing more bad news.

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 Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

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Comment balloon 1 commentRuth Vogt • September 24 2009 05:00PM

Comments

Thanks for the bad news...I'll be looking forward to your next blog with what good is coming in 2010

Posted by Nanci Almquist (Keller Williams, Action Realty) about 9 years ago

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