FHA field review! I am trying to get a FHA loan. I had my home appraised at 380 k…?

then fha approved us for the loan, After a few weeks fha submitted some conditions such as a field review of my home and comparables. Review came back 50K less than appraised value. My lender has submitted a rebuttle…Denied!
Now they would like appraiser to validate her comparables. Is there any hope that my 1st appraisal will stand up. If not we are near being upside down….any thoughts???? HELP

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One Response to “FHA field review! I am trying to get a FHA loan. I had my home appraised at 380 k…?”

peilthetraveler says:

June 18, 2009 at 3:53 pm

the last 2 months home prices have shot down considerably. Just in the area i live, homes have dropped in value between 20 and 50k. This is of course the banks doing as they are unloading all their bank repos right now. For instance. There is a house near me thats 2800 sq ft and they are asking 399k. THere is a bank repo 1 block away thats 3100 sq ft (same builder, and built same year) and the bank is asking 299k. (plus the 3100 sq ft house has a pool and spa!!!) Whos going to sell first do you reckon? Whatever your house appraised at 2 months ago…its worth less. When NAR comes out with their numbers for this last quarter, everyones going to panic cause they will see what has happened these last few months.

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