Roland's Rate

FHA Alert - Guideline Change - Appraisal Expiration Dates!

For loan originations, the new validity period guidance:
* Applies to case numbers assigned on or after June 1, 2022 [FHA Info Letter Sent July 12, 2022];
* Updates the initial appraisal validity period from 120 days to 180 days from the effective date of the appraisal report;
* Extends the appraisal update validity period from 240 days to one year from the effective date of the initial appraisal report;
* Allows the appraisal update to be ordered AFTER an appraisal expires; and
* Eliminates the optional 30-day extension.

This is big news for FHA lenders who previously had to apply and re-apply for 30-day extensions!

The guideline change also puts FHA appraisal expirations on par with conventional loan expiration dates.

What are your thoughts? Is now a good time to buy? Comment below 👇

Consumers Appear Increasingly Frustrated by Housing Market, Larger Economy | Fannie Mae The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 3.4 points in June to 64.8, its second-lowest reading in a decade.

Does Saving Up for a House Seem Hopeless? A Guide for Today's Tough Market Saving a down payment seems impossible when you need a safety net, retirement nest egg, and more. Can you sacrifice one for the other?