Here’s a short video from the National Real Estate Post (the ever-so entertaining Frank and Gary) concerning some changes to the FHA Handbook (4000.1). There are many things an FHA appraiser “must” do and it will be interesting to see how these “must do’s” will affect sellers, buyers and transactions.
I’ve been seeing an increased number of listings where listing agents have elected not to select FHA as a financing option for no reason other than they don’t like it. That action is a big limitation to buyers. What it means is when I’m representing a buyer I have to call listing agents for properties within FHA loan limits where FHA isn’t selection as a financing option and ask them if the property has a condition that will negate FHA financing. I research hundreds of properties a month and these phone calls are time consuming, but I make the calls so my buying clients have as many options as possible.
Here is the link to the FHA Handbook (4000.1) for your reading enjoyment.