Have you heard of this FHA rule?

[Anonymous]

Listing agents broker told her that since the previous buyer who backed out of the offer after the fha appraisal was done, another fha appraisal cannot be done for 6 months...is this true? My LO has never heard of it. Basically what happened was that they other buyers LO jumped the gun and ordered a fha appraisal before the 10 days were up and then after the appraisal was done and it was fine, nothing was wrong, the buyer backed out. So we come in, house was just relisted, offer accepted and broker told listing agent about this rule. My LO is checking with FHA, but have you heard of this? Thank you.

[Anonymous]

I have never heard of it.  As a matter of fact I am in the process of buying and paid for an appraisal in July, we had to switch mortgage companies and the new lender told us they couldn't use the appraiser from the first mortgage company, so we just had to pay for another appraisal this past week. 

[Anonymous]

Yes. My agent told me about it. She says basically whatever they determine (FHA) as the value sticks for 6 months for both FHA and VA potentially limiting a sellers buyers to conventional if it is a lot lower than they list for. I had this issue with a house that is overpriced by 10 to 15 thousand and the seller won't take anything less than listing price. If I had gone through and the FHA appraiser determined it was less than the amount she was listing for  and I walked, then the appraisal would stick for the next person and they wouldn't be approved for more than amount of the house worth.

[Anonymous]

If it only applies to houses that appraised for well less than the sales price, and the price had not been reduced, it makes sense.  Houses are not appreciating right now and if a house is 15K over appriasal, why would FHA want to waste time with a loan they know they are not going to approve because they have a valid appraisal and unless there are extenuating circumstances (major remodel), the house will not have went up in value to any drastic degree in 6 months with this market.

That said, I have never heard of this.  I would also assume there would be some sort of appeal process if there are legitimate reason to think the value has gone up (again, remodel, local market change, etc.)

[DallasLoanGuy]

yes, one appraisal in 6 month period.

lender 2 must get appraisal assigned to them by lender 1