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Christmas Comes Early For Some FHA Borrowers

FHA Christmas PresentThe Federal Housing Administration repealed the second appraisal requirement for loans exceeding $417,000 in declining markets, and for cash-out refinances. The two appraisal mandate initially went into effect on April 1, 2008 and was strongly opposed by the National Association of Realtors.

The second appraisal requirement will remain when a property is re-sold between 91 and 180 days following acquisition by the seller if the resale price is 100% higher (or more) than the price paid by the seller when the property was acquired.

“We haven’t noticed any benefit and it really slowed down the process,” FHA Commissioner David Stevens told Mortgage Wire at the (NAR) convention in San Diego

I can’t recall the last time I saw an FHA borrower come close to the $417,000 limit, but it’s probably more common in New York, California, Florida, etc. Even though it took 1.5 years, it’s good to see that HUD realizes the second appraisal requirement didn’t help the process.

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As the son of two music teachers, Ben spent his first 21 years trying to make a living with his slightly above average trumpet playing. After no return calls from Dizzy Gillespie and then a failed attempt at becoming a fly girl on "In Living Color," he switched gears and finally found his nichè in real estate. He's a Minnesota appraiser and also a Realtor with his better half, Stacia. Labeled “one to watch” from an anonymous source (thanks mom), Ben is smart, good looking, athletic and a rock star inside his own head. He also never passes up a chance to write his own bio. Find him online at twitter or selling Stillwater Real Estate.

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