Concerns over FHA Handbook and Appraisals

Last month NAR President Tom Salomone sent a letter to the Department of Housing and Urban Development (HUD) concerning the Federal Housing Administration (FHA) Single Family Housing Policy Handbook. NAR is asking FHA to reconsider language in the Handbook that requires appraisers to take on home inspection type duties, which are adding delay and confusion to the home-buying process. NAR is also asking FHA to re-enforce language stressing the difference between an appraisal and a home inspection in form HUD-92564-CN, “For Your Protection: Get a Home Inspection.”

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