The person that I am working with came back and said that the appraisal didn’t have the FHA number on it and that they would have to get in touch with him. Does an appraisal need/have this type of information? Christopher August 16, 2016 at 9:31 pm – Colin, The second appraisal came back and it was $50,000 less than the original appraisal.
On FHA, the lower of the two appraisals is used to determine the value of the property. If that comes in lower, you can still get the loan, you will just need to bring in the difference in (the total loan to value) in case.
The lender must obtain a second appraisal from another appraiser and the cost of the second appraisal may not be charged to the homebuyer. (The FHA in most cases will not finance a property that has been resold in less than 90 days.)
Fha Loan Requirements For House According to a communication sent to lenders, Review Rule 14 was a 2013 update to the total mortgage scorecard and introduced manual underwriting requirements for mortgages. increase in higher-risk.
"Second" FHA Appraisals: A Reader Question. A reader asks, "I am in the process of selling my home.There was an appraisal done and it came in low. We negotiated with the buyers on that appraisal.
Refinance An Fha Loan To Conventional Although there are many benefits to getting an FHA insured mortgage, it’s important to consider the drawbacks as well: mortgage premiums. fha-insured loans come with mortgage. may be more stringent.
Lender requests a second FHA appraisal – reason – "purchase of a foreclosed property in a declining market". Order states second appraisal is for "quality control only" and "will not be registered with the loan so no Case Number will be needed".
FHA single family housing policy Handbook IV. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages Table of Contents 8/27/14 i 1 FHA Single Family Housing Policy handbook 2 table OF CONTENTS IV.3 APPRAISER AND PROPERTY REQUIREMENTS FOR TITLE II
You don’t need an appraisal, you don’t need proof of income. If you’re underwater due to a non-FHA second mortgage on top of your FHA home loan – for example, a home equity loan or home equity line.
Btw, second appraisals are much easier than the first (assuming the first came in at contract price or higher) — just hand a copy of the first appraisal to the second appraiser and say, "You’re doing a second appraisal for this property, as this is an FHA loan. Would you be interested in a copy of the first appraisal?"