Can I Choose My Arizona Appraiser?

I get this question constantly.   Can I pick my appraiser for my Arizona mortgage?  In this day and age of regulated and over regulated mortgages this question has the same chance of being answered with a "yes" as "can I pick what auditor at the IRS looks at my tax returns."  The answer to both questions is an emphatic, stubborn and immovable "NO WAY JOSE." Regulators stripped Phoenix area mortgage lenders from being able to select their own appraiser long long ago.  This is true for FHA, VA, … [Read more...]

How Long Are FHA Appraisals Good For?

An FHA appraisal is valid and must be used for a period of 120 days.  FHA measures the appraisal validity period from the day that the FHA appraiser inspects the property through the day that the FHA loan being used to buy the property that was appraised is closed.  FHA does technically allow for an appraisal to be extended up to 30 days beyond the 120 day validity period if that appraisal has not been updated per FHA update policy.   More important however is the fact that in this current … [Read more...]