2nd Appraisal Required on Some FHA Jumbos - Mortgage Forums for Mortgage Brokers

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2nd Appraisal Required on Some FHA Jumbos

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04-04-2008, 05:43 PM

Veronica Corningstone Veronica Corningstone is offline

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2nd Appraisal Required on Some FHA Jumbos

The U.S. Department of Housing and Urban Development issued a letter to approved mortgagees and appraisers this week indicating that loans in excess of $417,000 on properties in declining areas will require a second appraisal. The second report will only be required when the loan-to-value is 95 percent or higher. The financed mortgage insurance premium is excluded from the LTV calculation.

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