My New Blog

Craig A. Nordals Real Estate Appraisal Blog

April 14th, 2008 10:54 AM

Welcome to my new blog! Since I have never blogged before this will be a learning experience for those of you reading and for me posting! With over 9,000 residential real estate appraisals under my belt, it's about time I made that experience available to you, and for you to start using my expert advise!

I think 9,000 appraisals qualifies me as an expert! The real estate market in San Diego County and Southern CA has changed drastically in 2 years. Who would have guessed in 2005 that we would now be looking at the largest foreclosure disaster since the great depression and that we would be looking at ongoing depreciation with some areas experiencing 16% drops in 2007? Amazing isn't it. The upside, it now allows many who thought they were priced out of owning any real estate in San Diego County in the market NOW, when prices are at "bottom feeding" levels and with the Fed making DRASTIC INTEREST RATE CUTS further making real estate purchases possible for thousands who thought they would be renting for life!!!

So now is the time to find those properties that are at near term lows and hiring a professional real estate appraisers services have never been more important to make sure you are NOT OVERPAYING in this market!!!! Nordal & Associates can help you find the property you are looking for and prepare an UNBIASED professional appraisal report, and even help you find a lender to find the best loan for your needs! Being FHA approved, I am also the best source you could imagine for FHA LOANS!!! Now that the FHA has come out with the best loan product available NOW for many borrowers, you need an FHA expert to guide you!! Call me now or e-mail me now at NordalAppraisal.com and get involved in real estate. It is still the best way for an individual to become financially independent. Don't waste another minute!!

Posted by Craig A Nordal on April 14th, 2008 10:54 AMPost a Comment (0)

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New FHA Appraisal Requirements!

April 18th, 2008 10:42 AM

Hi Everyone!

Welcome to Craig A. Nordal's blog! You can read more at NordalAppraisal.com!

The article below is very informational for those thinking of getting an FHA loan, offering FHA loans, and appraising for the FHA.

FHA requires second appraisal for some properties in declining markets

The Federal Housing Authority will now require a second appraisal for properties in declining markets in which the mortgage exceeds $417,000.

(4/8/2008)

The Federal Housing Authority (FHA) will now require a second appraisal for properties in declining markets in which the mortgage exceeds $417,000.

The move comes on the heels of the FHA’s oversight agency raising to $793,750 the amount on loans the agency will guarantee in some areas.

“Now, with FHA in position to insure mortgage amounts greatly in excess of what has been its experience as a mortgage insurer, we believe it prudent to set forth additional underwriting and collateral assessment practices for “high-balance” loans,” the FHA wrote in a three-page letter to approved mortgagers and appraisers on the agency’s roster.

According to the letter, the second appraisal will be required when:

The loan amount exceeds $417,000, and;
The loan-to-value ratio equals or exceeds 95 percent, and;
The property is located in a declining market.

“The second independent appraisal must be completed by a FHA roster appraiser selected by the Direct Endorsement lender that is underwriting the mortgage,” the letter states. “The lender independently engages the appraiser and is not to request a second case number through FHA Connection. The fee for the appraisal may be passed onto the borrower as any other closing cost.”

If the property is a one-unit detached house, the second appraisal may be an exterior-only appraisal using Fannie or Freddie’s 2055 form, according to the letter.

The letter was signed by Brian Montgomery, the assistant secretary for housing with the Department of Housing and Urban Development.

Posted by Craig A Nordal on April 18th, 2008 10:42 AMPost a Comment (0)