Posted on: 20th Dec, 2010 05:35 am
Hello,
Hoping someone can help me with following question:
For an FHA loan, is there any time-limit that needs to be specified on the contract? Trying to buy a FSBO and noticed that for FHA LOAN, there is no place on the contract to specify time-limit needed for obtaining a appraisal.
Thanks
Steve
Hoping someone can help me with following question:
For an FHA loan, is there any time-limit that needs to be specified on the contract? Trying to buy a FSBO and noticed that for FHA LOAN, there is no place on the contract to specify time-limit needed for obtaining a appraisal.
Thanks
Steve
It will give a time period for the commitment but, not the appraisal. I would advise having the loan officer order the appraisal as soon as possible.