Wednesday, July 2, 2014

New HUD Directive On Kentucky FHA Appraisals and Mortgage Loan Approvals for 2014

FHA APPRAISALS ON HUD OWNED HOMES $100 DOWN DEAL IN KENTUCKY


  HUD Directive On Kentucky FHA Appraisals and Mortgage Loan Approvals

1.    New HUD Directive On Kentucky FHA Appraisals

·    HUD no longer provides the appraisal to purchasers.  It is the buyer’s responsibility to work with their lender to obtain an appraisal.
·    If there are funds in line 5 (allowable closing costs) of the contract it is permissible to include the fee for the new appraisal in that amount.
·    HUD has stated that a new Mortgagee Letter is forthcoming.  As soon as HomeTelos is aware of it being released the NLBs will be informed.
·    Purchasers of homes through the GNND, First-Look, and Non-Profit Discount Programs will be exempt from this change and will continue to receive a copy of the FHA appraisal obtained by HUD.       
·    NLBs should incorporate this information in their monthly outreach and training immediately.

 Joel Lobb 
Senior  Loan Officer
(NMLS#57916)


 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346

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