FHA has changed!
In the last year, FHA has initiated significant efforts to align its business process with industry practice
Positive changes to the property inspection requirements for existing properties
Elimination of:
Termite Inspection requirement only when there are signs of active infestation or the appraiser notes the requirement on the appraisal
Permitting:
Well and Septic inspections are required only in certain circumstances
Borrower may have a non-occupant co-borrower to help qualify
FHA has eliminated:
The only fee the seller is required to pay is the Tax Service Fee
"VC" sheets, Homebuyer Summary and adoption of the FNMA appraisal forms"as is" appraisals allowing minor property conditions that generally result from deferred maintenance and are not health and safety issues "allowable" and "non-allowable" closing costs
All FHA insured mortgages are assumable to qualified buyers
Bank of America has dedicated a new Fulfillment Center
Funds to close:
Funds to close may be from a gift if the donor is the borrower
New Fulfillment Center is devoted to the processing, underwriting and closing of all government loans and in doing so, will provide superior service to our customers and business partners
For More Information Contact:
Shelley Culp
Bank of America
321-323-1325
