The Wisconsin Journal Sentinel reported, "Appraisals will be valid for no more than four months, down from six to 12 months previously. The FHA also plans to change rules aimed at averting pressure on appraisers, making them more consistent with those adopted earlier this year by Fannie and Freddie. Mortgage brokers or bank employees paid on commission won't be allowed to order appraisals."
Lenders providing FHA loans will now be required to have 1 million dollars in assets as opposed to the current quarter of a million.
Of concern is that Inman News reported that the minimum consumer credit score for an FHA backed loan would increase from 633 to 693. After much research, I could not find verification from a credible source of this report. I would ask our lending affiliates to verify this through blog comment.