FHA Changes Second Appraisal Requirements for Certain Types of Loans

  HUD issued mortgagee letter 09-48 entitled Second Appraisal Reporting Requirements which states: Rescind Mortgagee Letter 2008-09 Mortgagee Letter 2008-09, Second Appraisal Requirements, is rescinded in its entirety, eliminating the previous policy requiring a second appraisal to be performed for loans that exceed $417,000 secured by properties located in declining markets. Rescind Second Appraisal Portion of Mortgagee Letter 2009-08 Elimination [...]