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Tagged with: appraisal
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kathy obrusanszki
3 months ago
If a county that opts out of the state's codes, and is therefore required to create their own codes, would that keep its citizens from obtaining an FHA loan (insurance)? Or would the decision of appraisal be up to the particular lender, rather than FHA? In other words does FHA have particular inspectors or codes that are required?
If a county that opts out of the state's codes, and is therefore required to create their own codes, would that keep its citizens from obtaining an FHA loan (insurance)? Or would the decision of appraisal be up to the particular lender, rather... (more)
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Sheri Conrad
4 months ago
Lender did not get two appraisals for flipped home. The second appraisal was done after closing and it was 24,000 less than the first appraisal, thus we were not able to negotiate another asking price. This also violates the 90 flip rule with FHA. The bank is claiming we refused a third appraisal which makes no sense. We have been asking for one for the past six months, and the bank ignored us until I reported them. I have written to consumer affairs who turned it over to FDIC and they said I have to file a complaint against the appraisers. Why is the bank allowed to get away with this?
Lender did not get two appraisals for flipped home. The second appraisal was done after closing and it was 24,000 less than the first appraisal, thus we were not able to negotiate another asking price. This also violates the 90 flip rule with FHA. ... (more)
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A Curious User
6 months ago
My FHA loan was originated in April 2013 and it is likely that my home's current value drops the ratio of the outstanding loan balance/current appraised value below the 78% threshold to eliminate MIP. Is it possible to remove MIP if this is the case?
My FHA loan was originated in April 2013 and it is likely that my home's current value drops the ratio of the outstanding loan balance/current appraised value below the 78% threshold to eliminate MIP. Is it possible to remove MIP if this is the... (more)
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Dennis Carroll
6 months ago
I have applied for a mortgage on a single family home, where the down-payment is 60% of the purchase amount. Will I still qualify for the FHA loan if the appraisal value is less than the purchase price but greater than the amount of the loan, I.e., 40% of the purchase price? Does the appraisal need to be equal or greater than the purchase price?
I have applied for a mortgage on a single family home, where the down-payment is 60% of the purchase amount. Will I still qualify for the FHA loan if the appraisal value is less than the purchase price but greater than the amount of the loan, I.e.,... (more)
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Amy Jones
8 months ago
We are working with a current mortgage lender on a refinance and these are some of the items they are asking for. We have never had to submit these items in the past so it seems kind of strange we have to now.
We are working with a current mortgage lender on a refinance and these are some of the items they are asking for. We have never had to submit these items in the past so it seems kind of strange we have to now.
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deb miller
9 months ago
I am pre-approved for an FHA first time home buyer.
I have made and offer and acceptance on a home.
FHA has done the appraisal.
FHA has done the final inspection.
My income, rent and credit reports and employment have been verified.
Paperwork has been sent to underwriter.
I am pre-approved for an FHA first time home buyer.
I have made and offer and acceptance on a home.
FHA has done the appraisal.
FHA has done the final inspection.
My income, rent and credit reports and employment have been verified.
Paperwork has... (more)
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221
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Ed Crowdis
9 months ago
I have been approved for an FHA loan to purchase a single family residence. I agreed to purchase the home for X amount of money.
I paid for an appraisal of the home and the appraisal came in less than I am willing to pay. What are my options to continue the purchase of the home and finance it through the FHA program?
I have been approved for an FHA loan to purchase a single family residence. I agreed to purchase the home for X amount of money.
I paid for an appraisal of the home and the appraisal came in less than I am willing to pay. What are my options to... (more)
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Leila JONES... Asked 1 more question
9 months ago
My husband has been at his job for 5 months. The mortgage lender states that they cannot order the appraisal until he has been at his job for 6 months. If this information is correct, is there any exceptions?
My husband has been at his job for 5 months. The mortgage lender states that they cannot order the appraisal until he has been at his job for 6 months. If this information is correct, is there any exceptions?
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271
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A Curious User
a year ago
I'm trying to figure out the next step that I am responsible for in obtaining the FHA loan. We were pre-approved and met with banker, and want to know if we should be setting up the home inspection and appraisal or if the lender does that.
I'm trying to figure out the next step that I am responsible for in obtaining the FHA loan. We were pre-approved and met with banker, and want to know if we should be setting up the home inspection and appraisal or if the lender does that.
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55k
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Matthew Hall... Asked 1 more question
a year ago
My home value has risen enough within the last year to where what I owe is 80% of the current value of the home according to the county appraisal. I am still a long way off from 80% of the original purchase value. Is it possible to remove the MIP based on the current value of the home?
My home value has risen enough within the last year to where what I owe is 80% of the current value of the home according to the county appraisal. I am still a long way off from 80% of the original purchase value. Is it possible to remove the MIP... (more)
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