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Selling Homes in the East Bay Elisa Uribe 510-485-7272 Opening the Door to Opportunity
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Elisa Uribe

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The FHA has Updated there Guidelines.Now make sure your lender knows about them.

Are you planning to put 3% down, get an FHA loan, and buy a home this year? Then of course, you are prepared to look for the professionals in the business who can help you through a smooth transaction.

Here's a simple appraisal quesitons you can ask a lender to find out how up to date he is about FHA Guidelines:

 

Q: Is it common for FHA to pay for two appraisals? If so, who pays for the appraisal?

A: FHA required a second appraisal when there will be financing >95%, the property is in a declining market, and the loan amount is greater than $417,000. All three of these conditions must be present before FHA required the second appraisal. If it is an FHA requirement, then the borrower may pay for it. If it is not, and it is a lender requirement instead, the borrower CANNOT pay for it. *

* This questions was answered by Nancy West of the U.S. Department of Housing and Urban Development during a webinar I attended. 

was answered by Nancy West of the U.S. Department of Housing and Urban and Development

What did I learn the webinar? 

Appraisal Protocal included items No Longer Required to be Repaired : Missing Handrails, Cracked Window Glass, Minor Plumbing Leaks, Poor Workmanship, and Defective Floor Coverings.

Depending on the lender you use, they may have more stringent guidelines than the FHA- wow! What can you take away from this? It' is a lenders option how they choose  to do business, so before you decide on a lender and get preapproved, and get locked in on an interest rate, make sure you are working with a lender who fits your needs and is current on FHA guidelines if it's the only type of loan option for you.

 

 

Published Wednesday, August 12, 2009 6:19 PM by Elisa Uribe

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