IF your FHA refi is declined, what are your options. The appraiser really screwed us up and I'm looking to go elsewhere, should I bother?

Asked by Lisa, 21757 Thu Aug 11, 2011

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Christy L. F…, , Bowie, MD
Fri Aug 12, 2011
you should be able to do an FHA streamline loan without appraisal or income verification..please give me a call and we can discuss this further. Christy Fear 301-474-4242 x1286 christyfear@tenacitygroup.com
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Jessica Hood…, Agent, Gambrills, MD
Fri Aug 12, 2011
Hi Lisa,

You can appeal an appraisal if you can prove there were errors. But it is tough. FHA appraisals also stay on file for 6 months so if you aren't successful you are stuck with that value. It's tough on everyone in a declining market but if you have valid issues to raise you might be able to fight this.
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Samson Doyle, Mortgage Broker Or Lender, Columbia, MD
Fri Aug 12, 2011

With an FHA Loan you can participate in an FHA Streamline Refinance. The best thing about a streamline is that you dont need an appraisal, you dont need to verify your income and there are no cost to you. Let me know if you would like me to help you with this.

Samson Doyle
NMLS# 324235
0 votes
Tim Page, , 99037
Thu Aug 11, 2011
Find out why you were declined. You just never know, it might not be the appraiser's fault. I just appraised a home (FHA) with three dogs. As it turned out, the owner was breeding dogs and selling them. The lender they used would not finance based on this. I know, I know, it seems a bit strange, but the bank considered this a commercial property. Once you find out why you were declined, you can figure out what to do next.

If it is something like this, find a bank that will finance you. And, oh, by the way, the best time to get your home appraised is Aug, Sept, Oct. This is because in my area, sales are seasonal and each year their is a bell shaped curve with the highest sales prices in the summer months. this means the appraiser will be using the sales that closed three months ago to determine your home value and they just might be the highest sales for the year.
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Clark Riel, Agent, Reno, NV
Thu Aug 11, 2011
If your saying your house did not appraise at the value you needed you may not have any other choices. In many communities across the nation values have drop so precipitously that it is to refinance. That said appraising property is not an exact science and values can differ somewhat from one appraiser to another. Check the values of similar homes that have sold within a mile of your property in the last six months to see if there are any values close to what you need to refi. Talk to a loan expert in your local area.
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Paul DEIBLER, Mortgage Broker Or Lender, Frederick, MD
Thu Aug 11, 2011
Why were you declined? Are you currently in a FHA mortgage now? You do have options.

Paul Deibler
Home Savings of America
443-343-0400 x 150
Web Reference:  http://www.My-Hsoa.com
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