The Federal Housing Administration (FHA) has increased the allowable property inspection fee limits for property inspections of single-family homes associated with defaulted FHA-insured mortgages.
The inspections are used in a servicer’s preservation and protection of property, which can ensure neighborhoods will avoid falling into blight arising from inadequately maintained unoccupied homes. The new allowable inspection fees become effective immediately and the FHA said it planned to evaluate allowable parameters for other property preservation expenses in the future.
“This is the first step in updating our policies governing property and preservation fees,” said Deputy Assistant Secretary for Single Family Housing Sarah Edelman. “Maintaining and preserving vacant properties is important to us, and we know it is important to the residents and communities where these properties are located.”
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