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

by Heindrick So
January 5th, 2009

Email a copy of 'More FHA Loans Will Require Two Appraisals in The New Year' to a friend

* Required Field

Separate multiple entries with a comma. Maximum 5 entries.

Separate multiple entries with a comma. Maximum 5 entries.

E-Mail Image Verification

Loading ... Loading ...
  •  | 
  •  | 
  •  | 


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,

Leave a Reply

Are you a Mortgage Lender specializing in FHA Loans? Join our mortgage directory today! Homeowners click here to appy for FHA Loans

We have made updates to our Privacy PolicyPrivacy Policy to reflect the implementation of the General Data Protection Regulation.