Will an FHA appraisal come in lower than a conventional one? How do appraisers pick the homes to compare to? Asked by Lisa, 55428 Sun Jan 18, 2009. We are refinancing & changing our 30 year fixed conventional loan (mortgage at 6.5%, equity line at 8.5%) into 1 FHA loan for 5% (30 yrs).
What to do when your home appraised too low for your refinance or your appraisal came in lower than the home purchase price. Low appraisals and FHA 203(k) loans. home appraisals don’t.
To do so, they usually order an appraisal, with conventional and FHA. in the home that would diminish the desirability of the home and thus reduce its value.
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We have a house that comps at $200k, and have a 3 month old appraisal that backs that price up. Our buyer just had an FHA appraisal that came in at $160k. We’ve tried to give the comps from the $200k appraisal to the new appraiser and he’s only adjusting up another $5k.
If a regular appraiser finds lead-based paint chipping or peeling, it might lower the house price. For FHA appraisers, lead paint is a deal-breaker — the FHA won’t subsidize a mortgage on a home.
No a VA appraiser would not come in much lower than a conventional appraiser. They are all state certified appraisers. It makes no difference. Some appraisers are FHA Certified, VA certified some are both. Any State licensed appraiser or certified appraisers can appraise for conventional loans.
FHA Appraisals are not necessarily lower than any other type of appraisal. The appraiser would have to justify a lower appraisal value especially since it could make the deal fall through. Appraisals are only an issue when a buyer may have overbid a property compared to the comps and is putting little to no money down.
Having an FHA home appraisal come in below the purchase price is a fairly. Why Does a Home Appraisal Come Back Lower Than Expected?. appraisal will be used even if a new buyer comes along with an FHA loan. The FHA appraisal is meant to give the bank and/or FHA a head’s up if there are any issues with the property.
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