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Armando
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Sales Manager for GMI
January 2007—present
I am the Sales Manager for GMI. We are an approved FHA lender and offer a wider range…
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I am the Sales Manager for GMI. We are an approved FHA lender and offer a wider range…
About:
I am a Mortgage Professional and have been for the past 5 years.
Armando answered:
JFLT,
Most of the advice given on here concerning your appraisal coming in lower than the value is fairly accurate. The bank will loan off of the appraised value or the contract price, whichever is lower. If the appraisal does come in lower, the bank will require you to make up the difference with a larger down payment.
Also, if the appraisal comes in much lower, and you need a larger down payment, it can be argued that you no longer qualify for the mortgage, and I assume that your attorney put a mortgage contingency in the contract.
If you have any further questions on the mortgage side of things, feel free to contact me.
Armando Domingos
Most of the advice given on here concerning your appraisal coming in lower than the value is fairly accurate. The bank will loan off of the appraised value or the contract price, whichever is lower. If the appraisal does come in lower, the bank will require you to make up the difference with a larger down payment.
Also, if the appraisal comes in much lower, and you need a larger down payment, it can be argued that you no longer qualify for the mortgage, and I assume that your attorney put a mortgage contingency in the contract.
If you have any further questions on the mortgage side of things, feel free to contact me.
Armando Domingos
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