The FHA has its own requirements for assessment….
Read the original post:
FHA Changes Appraisal Requirements
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on Thursday, December 3rd, 2009 at 2:42 am and is filed under FHA, FHA Requirements.
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In an attempt to breathe more life into the housing market, HUD is changing an FHA rule that prohibited insuring any home sold in fewer than 90 days. Officials hope the change will help rehabilitate distressed properties faster ... And in cases where the sale price of the property is 20% or more above the seller's cost ? which most of these sales will likely be ? the lender must justify the mark-up with documents outlining the renovations, and/or order a second appraisal. ...