The FHA appraisal guidelines are just one part of the mortgage process and real estate. This policy was added to protect borrowers from being approved for a loan they cannot afford. For example, in January 2013, the FHA announced a new policy that requires mortgage lenders to verify a borrower’s income and employment before issuing an FHA loan. The FHA appraisal guidelines are updated periodically to reflect changes in the housing market. Even if the lender provides documentation demonstrating the expense and extent of rehabilitation that went into the property, resulting in a higher value, a second appraisal is still required.įHA might revise the resale percentage at which this second appraisal is required by publishing it in the Federal Register. If a home is re-sold for $120,000 within six months of the seller acquiring it for $60,000, the lender must get a second outside independent opinion (appraisal) to show that the sales price was correct.
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