FHA Does Away with "Second Appraisal" Requirement

Starting today, FHA will no longer seek a second appraisal for so-called "FHA Jumbos" in declining market areas. FHA Housing Commissioner Dave Stevens made the announcement on Saturday to a packed house at the 2009 REALTORS® Conference & Expo in San Diego. Details on the appearance by Commissioner Stevens and the new FHA change can be found here.