Articles Tagged With: FHA Appraisal Rules

January 23, 2014

FHA Loan Reader Questions: Trouble With The Home Purchased With an FHA Mortgage Loan

A reader asks, “My granddaughter purchased a home with an FHA mortgage, which has some serious physical problems. Can you give me the address of someone or some department, to which she can address these problems?” Borrowers with FHA loan issues should contact the FHA directly by calling 1-800 CALL FHA. In situations like these, there are some important considerations to keep in mind. As we address these issues, we should point out that we don’t know in this particular case whether the borrower did or did not take the steps we recommend below. All we know is what’s in the reader question printed above and our advice shouldn’t be taken to imply the reader did or did not take said advice–we mention these things for the benefit of anyone | more...

July 24, 2012

FHA Loan Reader Question: Appraisal Portability

By Joe Wallace

Are FHA appraisals “portable”? One reader asks, “I applied for an FHA loan through a large company a few months ago. I have decided to switch mortgage companies as the customer service has been really awful and the process has been taking 2-3 months for a closing date.” “Can I use the appraisal from the FHA loan process that I am currently going through with the new mortgage company? It seems as though it would be valid for 120 days but I didn

July 4, 2012

FHA Appraisal Expiration Dates: Questions and Answers

By Joe Wallace

When buying a home with an FHA guaranteed mortgage loan, one of the most important steps in the process is the appraisal. An FHA appraiser reviews the home to make sure it lives up to minimum property requirements and assigns a fair market value to the property. There are many common questions about FHA appraisals; here are some of them along with the answers. How Long Is An FHA Appraisal Valid? Buyers who purchased property prior to January 1, 2010 may have experienced a different set of standards, but currently, FHA appraisals are considered valid for 120 days. After that time they expire. According to FHA.gov, “Effective for all case numbers assigned on or after January 1, 2010 the validity period for all appraisals on existing, proposed, and under construction | more...

April 24, 2012

FHA Appraisals and Reconsideration of Value

By Joe Wallace

When an FHA assigned appraiser submits his or her report and the fair market value of a given property is established, sometimes the buyer or seller may disagree with that determination of value. Can the FHA appraisal be appealed? There are some circumstances where a reconsideration of value may be warranted. According to the FHA, “A reconsideration of value is a request to the FHA Roster appraiser to reconsider the analysis and conclusions of his or her appraisal based on information that was not presented on the appraisal report, but was relevant to the appraisal and available to the appraiser in the normal course of business as of the effective date of the appraisal.” However, FHA rules also add that only “the lender