The Federal Housing Administration has relaxed its appraisal standards so that sellers don't have to make minor repairs to properties that are sold to homebuyers using FHA-insured mortgages.The change is part of an effort to bring FHA practices more in line with the conventional market and to boost the agency's market share. The FHA has already adopted Fannie Mae appraisal forms, and now it is telling lenders that repairs are no longer necessary for "cosmetic defects, minor defects or normal wear and tear," according to a mortgage letter. Starting Jan. 1, the FHA is also relaxing its inspection requirements for termites, wells, and septic systems. "I think they have come closer to conventional appraisals requirements," said Bud Carter, an FHA consultant with Potomac Partners in Washington. "It will be helpful." Currently, many real estate agents and sellers won't accept offers by homebuyers using FHA financing because of the inspection and repair requirements.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28