FHA announced last month additional underwriting and collateral assessment practices for mortgage loan amounts that will exceed the January 1, 2008 conforming home loan limit of $417,000, FHA is establishing a 2nd appraisal requirement for loans on properties in declining areas, and limiting the loan-to-value for cash out FHA refinancing. These requirements are effective for all mortgage loans with FHA case number assignments made on or after the date of this mortgagee letter.
Refinance and Avoid a Foreclosure
Don't ignore the letters from your lender Contact your lender immediately.
Contact a HUD-approved Housing Counseling Agency
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[...] Randy A. Samuelson wrote an interesting post today onHere’s a quick excerptFHA announced last month additional underwriting and collateral assessment practices for mortgage loan amounts that will exceed the January 1, 2008 conforming home loan limit of $417000, FHA is establishing a 2nd appraisal requirement … [...]
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