On an FHA loan.....Can you get another appraisal done if the first was too low....with same or different lender? See details below
Asked by Severefrh, Floral Park, NY
Mon Apr 26, 2010
I applied for an FHA loan & using a broker w/Wells Fargo as lender. The accepted offer is $415,000 w/ $14,000 as the 3 1/2% down. Appraisal came in at $350,000 which is $65k under accepted offer. Can I apply for another loan and get reappraised. I was told NO by my lawyer because the 1st appraisal stays in FHA system for 6 months due to new HVCC rules??? Please let me know.
Thanks. I just saw the appraisal report. They used 5 comps that were across rail road tracks. In the same town but houses priced lower than in my area. 2 of the houses have railroad tracks next to their backyard and 1 house is 1 block from the train station where there is a commuer parking lot. I would never live in or next to any of these houses. I wrote a letter to appraiser and included 6 other very similar comps all sold within last 6 months and even closer to my house. Asked him for a FAIR appraisal. My mortgage guy has also done the same. If he still comes back with same price. Can I ask for a second appraisal or put a compaint in against this appraiser? He is totally unfamiliar with area and because of this the appraisal is way off.