FHA Loans Must Employ State-Certified Appraisers
Friday, October 17, 2008
The Federal Housing Administration (FHA) now only accepts new applications from state-certified appraisers, and lenders underwriting FHA loans may only use appraisals from appraisers on the FHA roster. The new provision became effective on October 1, as a result of the Housing and Economic Recovery Act of 2008, signed into law this summer.
The law says that FHA can only accept appraisers that are certified by a state or a nationally recognized organization. No new applications are being accepted from state-licensed appraisers. Appraisers must also show verifiable education in appraisal requirements, as established by FHA.
For additional information on FHA-approved appraisals and requirements mandated by the new law, click here.
The law says that FHA can only accept appraisers that are certified by a state or a nationally recognized organization. No new applications are being accepted from state-licensed appraisers. Appraisers must also show verifiable education in appraisal requirements, as established by FHA.
For additional information on FHA-approved appraisals and requirements mandated by the new law, click here.
