I got my FHA appraisal back and my house appraised at 150,000. I choose to pursue FHA do to believing it might appraise lower. Can I use Fha?
appraisal for a conventional loan? I need a loan of 135000. What would be benefit of keeping the fha loan? I figure my PMI would be less than FHA PMI.
Yes, you can use an FHA appraisal for a conventional loan but you cannot use a conventional appraisal for an FHA loan. You should be okay to move forward with the appraisal you have if you switch products. However, my advice would be to still take the FHA loan. You may find a better payment with FHA at only 5% down vs. a conventional loan with 10% down.
Good Luck
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
The lender picks the appraiser so if the lender you are working with can switch your loan to a Conventional and use the same appraisal, then go for it. If you have less than perfect credit, you may want to stick to FHA. It typically requires a lower minimum score. Ask the lender for a Good Faith for each type of loan.
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