E-Mail 'More FHA Loans Will Require Two Appraisals in The New Year' To A Friend

by Heindrick So
January 5th, 2009

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This entry was posted on Monday, January 5th, 2009 at 12:20 pm and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

8 Responses to “More FHA Loans Will Require Two Appraisals in The New Year”

  1. Phoenix Realtor Says:

    So, it looks like the 2 appraisals only comes into play on a cash-out refi.

    Are the only changes to purchase money a 3.5% down from 3% and 1.75% MIP from 1.5% and a.55 monthly mi factor up from .50?

  2. John Says:

    What if you had your case number before jan 1 2009 and are to close in Jan for a cash out refinance, Do you still need a second appraisal?


  3. Scott Says:

    I started my refinance before the 1st of the year and would like to know the same thing. Do I still need a second appraisal? I would have to think that since I started the process before this new amendment came into play, I shouldn’t have to have a second mortgage.

  4. Monica Says:

    What if there are no comparables in the area in which you are trying to purchase a home and land? What are the guidelines for a FHA appraisal in the above circumstance?

  5. LORI JAHNS Says:

    I need advice on a conflicting matter of ineliageable property i feel the appraiser misunderstood the purpose of the shop and now i need to prove to the underwriters that my property is eliagable my shop is 48.2x 56
    and my home is 27×66.5 we have finished bedrooms and kitchen area in the shop we have moved our teenaged boys outhere does this make it ineligable
    we have aconstruction business also but i own and pkeep my tools onthe 30 acre parcel that surrounnds my home please advise me

  6. Spartans Says:

    Yep, Im close to closing on a home right now… My loan processor just told me a 2nd appraisal is now required for closing and I have to wait to get that done

  7. Bryce Says:

    Iam selling a home and the lender is requiring the borrower to purchase 2 appraisals on the property. I was told its because the property is purchased and resold with in six months. Some say this is all new FHA loans. Either way, lenders dont release this unitl the 2 days before contract closing date. Whats new?

  8. Carl Says:

    After reading through “HUD 4155-2, Lender’s Guide to the Single Family Mortgage Insurance Process” I am led to believe that if I sell a property between 90 and 180 days at a sale price for more than 100% of the original purchase price, 2 appraisals will be required. Does this “original purchase price” include the closing costs and other fees I paid at closing? I purchased a property at auction for $66K which turned into about $78K by the time closing occured. If I sell the property for less than $156K, will only one appraisal be required?
    Thank you,

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