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Wed Jun 11th 20:31 PM
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FHA: Faulty Housing Assumptions?

Jimmy is grossly misinformed if he thinks it's FHA's job to lowball appraisals. FHA is protecting the consumer.

FHA assigns the task of the appraisal to a qualified person who will perform to HUD standards. HUD will hold this appraiser accountable for any misrepresentations regarding the appraisal.

The appraiser in turn, feels no pressure from an over zealous broker and realtor to inflate the value of the collateral. Let's face it, mortgage brokers and realtors make not so thinly veiled demands of an appraiser and the need to hit a specified value.

It is also a misconception that FHA loans are predominantly for persons with lesser credit quality. FHA is not a sub-prime lender and it never has been. FHA has standards of reasonableness that employ common sense; something that too many other lenders seem to have forgotten in their zeal to make a buck while lending to anyone with a pulse.

The basics; Credit, Capacity and Collateral, still matter to HUD.

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