FHA Extends Exterior-Only Appraisals Through August 31

FHA Extends Exterior-Only Appraisals Through August 31

The Department of Housing and Urban Development has just announced the re-extension of exterior-only appraisals through August 31, 2020.

Details were provided in Mortgagee Letter 2020-20.

The re-extension of appraisal guidance originally published in Mortgagee Letter 2020-05 on March 27 is effective immediately for appraisal inspections completed on or before August 31, 2020.

The extension also applies to the alternative options provided for in Mortgagee Letter 2020-05 that mortgagees can use to re-verify borrowers’ employment.

FHA noted in ML 2020-20 that this second extension will allow industry partners additional opportunity to utilize flexible guidance related to reverification of employment and appraisal protocol for FHA Single Family Programs affected by COVID-19.