Appraisals to Change

I just ran across an article that may be of importance to all you future homebuyers. As of May 1st, 2009 there will be new appraisal rules implemented by Fannie Mae and Freddie Mac. Due to oversight by the governing authorities mortgages brokers will no longer be able to select their own appraisers. Buyers will also have to pay for the appraisals upfront and by credit, debit or a transfer of funds. Many times during the home buying process you were able to pay for the appraisal at the time of closing as it would be added on to your closing statement. As things change due to all the government influence it is important to keep up with these things so you aren't caught off guard by things. There are a few ways to get around this new rule however and that is by going FHA rather then conventional. I have posted the article below so you can read up.
http://realtytimes.com/rtpages/20090420_washingtonreport.htm