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.
Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.
Ruth Vogt, Branch Manager
Colorado LMB #LMB100023827
Thanks for the bad news...I'll be looking forward to your next blog with what good is coming in 2010