Proposal to reduce need for appraisal for government backed mortgages

Real Estate

Proposal to reduce need for appraisal for government backed mortgages

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For Government backed mortgage loans, Federal Regulators are proposing to decrease appraisal requirement for homes $400,000 or lower. The current threshhold is $250,000. That would mean that certain homes up to $400,000 might not require an appraisal. That would cover approximately 40% of homes sales.

Currently an appraisal costs around $600-$700. So if this new proposal passes, that would help reduce the costs to obtain a mortgage.

To learn more details, click on the "Read More" link at the bottom of this page.

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Apr 21, 2018 Real Estate