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New Housing Law will require new FHA Appraisal

From Appraiser News Online:

Participants in the new HOPE for Homeowners program, legislation that will provide mortgage assistance to homeowners at risk of foreclosure, will be required to obtain a new Federal Housing Administration appraisal on their property. The appraisal for the H4H mortgage must be performed by an appraiser on the FHA Appraiser Roster and conducted using FHA guidelines, which are available in the Resources box at www.hud.gov/groups/appraisers.cfm.

And FHA continues its march toward dominance of the home-mortgage market.

Comments
  1. Jerome Nagy

    This should be good news for FHA-approved appraisers. Well, for those that are state certified. Who knows what it means for licensed.

  2. CORRINNE LANE

    The new FHA removal of certain forms such as the repair list should be reinstated. Appraisers will this round do a much better job at reporting needed repairs and market trends. This is a good thing to get re-appraisals to insure the condition and current market of each property being considered.I think the licensed appraiser who has years of experience does a good a job as the certified and this should not have any bearing on the assignment.

  3. We developed a FHA Checklist (2-pg) for the Appraiser Inspection & an eManual to help explain deficiencies. Nothing like it available – that I know of! It is the only way that I, an appraiser with 15+ years, feels comfortable completing an FHA appraisal. We also partnered with McKissock offering an updated FHA on-line class.

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