Justin Perry's Mortgage Blog

    This is very important. On all loans (conventional or FHA) with appraisals dated before 3/29 most investors are requiring the original appraiser provide a re-certification of value with photos.

    So what does this mean for you? If you have a closing coming up and the appraisal was done prior to this past Monday you can most likely expect that the appraiser will need to go back out and make sure the property is not under 4 feet of water. I can’t speak for all banks but our closings are not being delayed because of this, however our investors are still requiring that we have this in the file before they will purchase the loan.  With mortgage rates going up recently this could mean the differance between keeping your low interest rate of 5.00% of having the rate expire and going to current market rates of 5.25%+.

Attached is the link to see if your property’s are located in a federal disaster area, as determined by FEMA.

http://www.fema.gov/news/disasters.fema

Please call or email me if you have any questions or if there is anything I can do to help.