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).
In our experience, it seems the appraisal always comes back just at the loan price. We'd still like to qualify for conventional.
1. Do FHA Appraisers look put the final cost based on how our house would sell in the current down market or in a "regular" market?
2. Is it more likely the FHA appraiser will provide a lower $ amount than a conventional appraisal? Or technically shouldn't they come out the same price wise?
3. How do the appraisers choose houses that are nearby to compare? We live in Brooklyn Park but are on the border of Maple Grove. Will they look only in our city or within a radius of our home?
4. Do they just compare square footage? How do they know the state of the homes they are comparing if they can't go
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