I am wondering about FHA appraisal

Asked by Matt, Toledo, OH Mon Jul 29, 2013

I got per-approved for an FHA loan, paid for the appraisal, and was in the middle of closing when the UW decided that I am not able to get the loan. Now I paid $350 for an estimate of how much someone else's house is worth. Is there any way to recoup that money since it was so late into the purchase that it was decided I don't qualify?

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Answers

3
Kimberly Law…, Mortgage Broker Or Lender, Fairfield, OH
Tue Jul 30, 2013
Hi Matt, Sorry that the lender you're working with isn't able to close on a loan that they obviously pre-qualified or pre-approved before you began the entire process. Unless you had derogatory information hit credit, rang up a balance on credit cards or if any other information that might have changed from when you applied (income/assets) I don't understand why they would otherwise deny your loan during the process. If you'd like to give me a call, I'm mostly in the Findlay area but do get up to Toledo quite often. Maybe together we can figure out "why" so that you can determine if there's still a chance for you to purchase now. I can work with lower credit scores so all hope may not be lost. That's if you're still interested in purchasing a home..

Otherwise, best wishes.

Kim Lawson
(Licensed in Ohio only.)
Mortgage Loan Originator
Contact and licensing information can be found on my profile.
0 votes
My realtor gave me someone to call, but the last person said they only do loans over $30,000. If this other person can't help me I will give you a call tomarrow.
Flag Wed Jul 31, 2013
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Tue Jul 30, 2013
Yes I would agree with Dan's assessment that your lender should work to salvage the deal. Is their a problem with the home or with your qualifications? If you find out what exactly the issue is, hopefully your loan officer can try and work through it.

If they can't figure out a way, feel free to shoot me an email with the circumstances and I'll see if I can lend my two cents and help you out.


Tony Grech

Loan Officer -NMLS #977416

WCS Lending, LLC
Tony.Grech@WCSLending.com
Phone: 866.936.5363 ext. 278
0 votes
Dan Tabit, Agent, Issaquah, WA
Mon Jul 29, 2013
Matt,
The appraiser did their job, so they deserve to get paid. Unlike agents and loan officers who work on commissions. Do you know why the underwriter turned you down? Sometimes there are issues that can be fixed to salvage the deal.
0 votes
There was a screw up from the child support agency. So before I can try I have to go to court.
Flag Tue Jul 30, 2013
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