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I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

FHA delays HVCC for San Francisco (SF) Bay Area Home Loans until February 15, 2010. FHA announced today that the enactment of Appraiser Independence has been delayed. This was originally planned for a January 1, 2010 implementation.

On the lines of HVCC, the FHA policy prohibits mortgage brokers and commission-based lender staff from the ordering the appraisal or communicating directly with the appraiser at any stage during the transaction. Since implementation of the Home Valuation Code of Conduct (HVCC) for conventional loans in May 2009, many challenges and difficulties with appraisals have been reported, such as low appraisals, inexperienced appraisers, out-of-area appraisers unfamiliar with a local neighborhood, and problems with Appraisal Management Companies (AMCs).

Bay Area first time home buyers who are planning to avail of FHA home loan would definitely welcome this move. HVCC moratorium bill is also being considered by the congress. If passed, this bill will provide a moratorium on HVCC for 18 months.

If you are a First Time Home Buyer in Bay Area looking for an FHA purchase loan you may like to start the process before February 15th to avoid getting into the HVCC hassle. Contact me to find out what are the loan requirements for an FHA Loan in Bay Area.

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