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Wednesday, July 2, 2014
New HUD Directive On Kentucky FHA Appraisals and Mortgage Loan Approvals for 2014
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.
Senior Loan Officer
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346