Home Valuation Code of Conduct Influences Mortgage Lending in Northern Virginia
The Home Valuation Code of Conduct (HVCC) is in full swing in Northern Virginia and we are now required to order appraisals on conventional loans through a panel of appraisers as determined by each lender.
The process is fairly similar to VA loans where we are no longer able to choose the appraiser. FHA is the only loan type still available where the lender can specify the appraiser.
Mortgage rates remain volatile with conflicting economic data a heavy influence. I expect it will be months before a clear trend become apparent. As of Monday, rates look like this:
- FHA/VA below $417k and below – 5% with 0 points.
- FHA/VA above $417k to $729,750 for FHA and $812k for VA – 5% with 1 point.
- Conventional conforming $417k and below – 5% with 0 points.
- Conforming plus from $417k to $625,500 – 5.25% with 1 point.
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